(CNN) -- Duke University has reached an undisclosed settlement with three former lacrosse players who were falsely accused of rape, the school announced Monday.
"This past year has been hard for many people who care about Duke -- for students, faculty, staff, alumni, families and friends -- and for the three students and their families most of all," the Duke board of trustees said in a written statement.
The three students posted a statement on Duke's Web site saying, "We hope that today's resolution will begin to bring the Duke family back together again, and we look forward to working with the university to develop and implement initiatives that will prevent similar injustices and ensure that the lessons of last year are never forgotten."
David Evans, Collin Finnerty and Reade Seligmann were accused of sexually assaulting an escort-service dancer at a party in March 2006.
North Carolina Attorney General Roy Cooper reviewed the case and exonerated the three men in April 2007, saying the charges never should have been brought against them.
The prosecutor who brought those charges, Durham County District Attorney Mike Nifong, was disbarred Saturday by a disciplinary panel that said he violated the majority of at least 19 ethics offenses in prosecuting the case.