Eight survivors sued over allegations of state collusion in the attack.
Four years ago, the High Court ruled the PSNI had failed to carry out an effective investigation.
Patrick Gribben, one of those wounded, said the shooting still caused him nightmares.
Speaking after the hearing, he said: “It’s something you don’t get over.”
Solicitor Gavin Booth said the settlement represented “a proper acknowledgement of the pain and trauma caused”.
He added rather than being prosecuted, the killers were “protected by the state and never brought to justice”.
John McAvoy, who survived the attack, said he felt it was “a victory for us,” but also said that “compensation doesn’t change what happened and doesn’t change that those who did it are still out there.”
Sinn Féin MP Chris Hazzard said it was a good day but he would “much rather have seen justice done and those perpetrators brought before the courts.”
The civil case has taken 11 years to reach a conclusion.
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