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2014 New York Laws
CVP - Civil Practice Law & Rules
Article 50-B - (5041 - 5049) PERIODIC PAYMENT OF JUDGMENTS IN PERSONAL INJURY, INJURY TO PROPERTY AND WRONGFUL DEATH ACTIONS
5047 - Settlements.

NY CPLR § 5047 (2014) What's This?
  5047.  Settlements.  Nothing  in this article shall be construed to
  limit the right of a plaintiff, defendant or defendants and any  insurer
  to  settle  property damage, personal injury or wrongful death claims as
  they consider appropriate and in their complete discretion.

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