Thirty-three US states claimed that Apple had done this to drive users into buying new devices.
Millions of people were affected when the models of iPhone 6 and 7 and SE were slowed down in 2016 in a scandal that was dubbed batterygate.
Apple declined to comment, however, it has previously said the phones were slowed to preserve aging battery life.
The deal is separate from a proposed settlement Apple reached in March to pay affected iPhone owners up to $500m in a class action lawsuit.
In 2016 Apple updated software on models of the iPhone 6, 7 and SE - which throttled chip speeds on aging phones.