Bennett claimed the "sexual battery" affected his work and mental health, his attorney wrote a year ago in a notice of intent to sue that was sent to Argento's lawyer, per The Times.
While Bennett declined to speak to the Times directly about the settlement, his lawyer replied to them in an email, "In the coming days, Jimmy will continue doing what he has been doing over the past months and years, focusing on his music".
The Times cited three people familiar with the case as saying the documents were authentic. According to the Times, the alleged incident affected Bennett's mental health and hurt his acting career. Bennet, now 22, played Argento's son in a 2014 movie called The Heart Is Deceitful Above All Things.
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Argento, 42, was one of the first women to publicly accuse Hollywood producer Harvey Weinstein of sexual assault and rape past year.
The Times reported it was sent encrypted information about the dealings between lawyers for Argento and Bennett, including a selfie of the two lying in bed from 2013.
Lawyers for Argento and Bennett agreed to a deal in which Argento would pay him $380,000 over a year-and-a-half, beginning last April, according to report. Argento also referred to Bennett as her son in social media posts.
Since she came forward with claims against Weinstein, Argento wrote in the Guardian how she has been "slut-shamed, victim-blamed, bullied, and threatened on a daily basis".
Mr. Bennett's notice of intent asked for $3.5 million in damages for the intentional infliction of emotional distress, lost wages, assault and battery.