Trayvon Martin's parents settle wrongful death claim with homeowners' association, report says

(CBS) SANFORD, Fla. - Trayvon Martin's parents have settled a wrongful death claim for an amount believed to be more than $1 million, against a Florida homeowners association at the development where their teenage son was killed more than a year ago, The Orlando-Sentinel reports.

PICTURES: George Zimmerman faces murder charge

In the settlement, portions of which were made public Friday, the settlement amount was kept confidential as well as the names of the parties making payment, the paper reports.

Martin, 17, was fatally shot by George Zimmerman, a neighborhood watch volunteer, during a confrontation at the Retreat at Twin Lakes townhomes, a gated community in Sanford, an Orlando suburb, on Feb. 26, 2012. Zimmerman has pleaded not guilty to second-degree murder, claiming self-defense.

According to the paper, during an interview in February, Zimmerman's attorney Mark O'Mara said Trayvon Martin's parents had been offered a $1 million settlement from the association, but that amount had been rejected.

The two parties eventually renewed talks and agreed to settle several months ago, the Sentinel reports.

In the settlement, Trayvon's parents agreed to set aside the wrongful death claim and claims for pain and suffering, loss of earnings and expenses, according to the paper.

"It is understood and agreed that the payment made herein is not to be construed as an admission of any liability by or on behalf of the releasing parties," the settlement said. It further stated, "...instead the monies being paid hereunder is consideration for avoiding litigation, the uncertainties stemming from litigation as well as to protect and secure the good name and good will of the released parties."

George Zimmerman had no part in the deal. His murder trial is scheduled for June.

Complete coverage of the Trayvon Martin case on CBS News