I can't tell you that I KNOW the answer to that question, but intuitively, it sure seems that the Court should have little to no say over the actual settlement.  I don't see why it would have a say.  IMO, it seems that if the parties are willing to settle for whatever reason, it would be the Court's duty only to process the dismissal, not to inject itself into the settlement agreement.  That part should be for the lawyers to handle, IMO.