The Hole rocker - whose account on the social networking site was suspended in January ahead of the trial - was sued by the Boudoir Queen label for derogatory remarks she made about the company on her page in 2009.
Simorangkir's lawyer Bryan J. Freedman told The AP that Love has agreed to pay more than $430,000 plus interest fees for the libelous statements which accused Simorangkir of "theft" and "having a criminal background".
"In order to show the world the comments were derogatory and completely illegal, it was imperative to my client to have the settlement be public," Freedman said.
"Personally I think $430,000 is an appropriate way to say she's sorry."
A public statement is due to be revealed next week.