Katie Holmes and Tom Cruise reach Divorce settlement

The attorney of Katie Holmes has announced that Katie has reached a settlement with Tom Cruise in their divorce. No details were given but it is understood that most of it was around Suri.

From PEOPLE:

"The case has been settled and the agreement has been signed. We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life.

"This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California.

"We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

Sources close to both sides say that Cruise, 50, and Holmes, 33, were working on an arrangement in which Suri lives in New York with her mother and her father is given generous visitation rights.