Boeing thus avoids a trial that would have begun on Monday in Chicago.
The man had demanded compensation from Boeing for his suffering after the accident, where all 157 people on board were killed.
The terms of the settlement have not been made public. But according to the man's lawyer, the goal was to demand several million from the company during the trial.
After two fatal accidents – the one in Ethiopia and one the year before in Indonesia – with a total of 346 fatalities, the aircraft model was banned from flying for almost two years.
The accidents were caused by a fault in the plane's software, which provided false data that caused the nose to be pressed down.
Boeing has previously also made a settlement with the US Department of Justice to avoid prosecution.
