Following four and half years of legal battles in which the Church rejected 575 sexual abuse claims the archdiocese settled.
The Archdiocese filed for bankruptcy in 2011 following an application for compensation from abuse survivors meaning the exact amount the victims will eventually receive is unknown.
In a statement the Church confirmed it had agreed a settlement after three days of negotiations between lawyers.
Archbishop Jerome Listecki said: "Today, we turn the page on a terrible part of our history and we embark on a new road lined with hope, forgiveness and love.
"This settlement represents for us in the Archdiocese of Milwaukee a new Pentecost, a day of rebirth that renews our focus on Word, Worship and Service.
"We do so remembering those who have been harmed; keeping them in our prayers; supporting them through therapy and healing; promising never to forget the evil that has been done; and working diligently to ensure this never happens again."
The survivors' attorney Jeff Anderson said: "We applaud the courage of the survivors who came forward, and the creditors' committee, who fought every step of the way.
"The treatment of the survivors by the Archdiocese of Milwaukee has been harsh and hurtful. This process has been heart-breaking for many who have been treated so unfairly by hardball legal tactics.
"The survivors continued to stand up for what was right, what they believed in, and to make sure the truth was brought to light. Because of them, children are better protected."