New York: Oscar-winner Charlize Theron has settled a $20 million lawsuit brought against her by a Swiss luxury watch company, reports said Tuesday.

Last year, the company, Raymond Weil threatened to sue the 33-year-old actress for an estimated $20 million in damages for wearing another brand.

Theron had worn a timepiece by Christian Dior at a press event, despite having entered into a long-term exclusive deal with Raymond Weil, People magazine reported.

The terms of the settlement were not known. The case, for which papers had been filed in a federal court in New York, would be terminated once the deal is implemented in 30 days.