“We are pleased to announce today the settlement of the civil case filed on behalf of the family of cinematographer Halyna Hutchins,” Baldwin said on Instagram.
“Throughout this difficult process, everyone has maintained the specific desire to do what is best for Halyna’s son.
“We are grateful to everyone who contributed to the resolution of this tragic and painful situation.”
As part of the settlement, Hutchins's widower Matthew Hutchins will executive produce Rust, with the independent Western due to resume filming in January 2023, Deadline first reported.
“I have no interest in engaging in recriminations or attribution of blame (to the producers or Mr Baldwin). All of us believe Halyna’s death was a terrible accident,” Mr Hutchins said in the statement.
Joel Souza, a film director injured during the shooting, is expected to return when filming picks up again next year.
“In my own attempts to heal, any decision to return to finish directing the film could only make sense for me if it was done with the involvement of Matt and the Hutchins family,” he said in the statement, as reported by Deadline.
“Though certainly bittersweet, I am pleased that together, we will now complete what Halyna and I started.”
The Hutchins family lawsuit, filed in February, alleged that Baldwin, Rust Movie Productions and others violated numerous safety standards.
Hutchins was killed in October 2021 during the set-up for a filming scene on the New Mexico set.
Baldwin was pointing a gun in the direction of Hutchins when the firearm discharged, killing the cinematographer and wounding Mr Souza.
The actor has repeatedly claimed that he did not pull the trigger.
Criminal charges have not been filed in relation to the shooting, though investigators have not yet ruled them out.