Senior U.S. District Judge Neal B. Biggers Jr. approved the order Monday.
Owens sued in October 2009, then made changes along the way until a second amended complaint was filed April 5, 2010.
The Senatobia man claimed that after several years in the automobile business, which he kept from his primary employer, several business partners sold or disposed of his vehicle inventory.
He also insists that while he was in the hospital being treated for depression, various other actions were taken to harm him financially.
Companies with liens on the vehicles complained to Aberdeen police that their mortgaged property was disposed of.
Owens was arrested and charged with their disposal, kept 35 days in solitary confinement at the Monroe County Jail, then had difficulties with bail and other false statements made about him to authorities.
Later, he was indicted on forged-check charges, then those charges were dismissed. He said he never was indicted on the sale of mortgaged property charge.
Through his attorney, Jim Waide of Tupelo, Owens asked for actual and punitive damages to be decided by a jury, along with attorneys fees, costs and expenses.
Details of the settlement were not immediately available.