The two sides agreed the settlement on Wednesday, according to reports, but no details were immediately available.
Three banks - Bayerische Landesbank, JP Morgan and Lehman Brothers - were seeking a greater say over the running of F1 operating companies such as Formula One Administration.
The banks own a majority stake in holding company, SLEC, which they inherited after the collapse of the major shareholder, German media group Kirch.
In December, a judge ruled against Ecclestone in a dispute over the make-up of Formula One Holdings, a subsidiary of SLEC, which runs the Grand Prix circuit.
It was ruled that Ecclestone had "no defence" to the banks’ claim that appointments of two directors were "invalid".
