Police arrested and charged Derris after they said a bloody palm print found on the wall of the home linked him to the crime scene.
Tests later refuted that evidence and prosecutors dropped the charges. No other arrests have been made in the case.
Derris Lewis spent 18 months locked up behind bars for a crime he did not commit.
Darris Lewis said he is ready to move forward.
"I would still carry on, I mean this is what we promised each other, is to succeed and help our mother so that's what I'm going to continue to do in honor of him and me," Derris Lewis said Wednesday.
Attorneys for Derris Lewis said they hope the settlement will go a long way in restoring his reputation. He will receive the money in payouts over the next 20 years.
In addition to the settlement, Darris Lewis also received an apology from the police, Kocot
In a statement released in September, the Columbus Division of Police said there was a communication breakdown in the investigation.
"The mistake was not malicious or purposeful but simply a breakdown of communications amongst detectives," the statement read.
Stay with 10TV News and 10TV.com for continuing coverage.
November 6, 2009: Up To $5,000 Reward Offered In Twin's Slaying
August 7, 2009: Police Continue To Search For Twin's Killer
August 6, 2009: Charges Dismissed In Twin's Slaying
July 27, 2009: Legal Battle Brewing In Twin's Murder Retrial
March 23, 2009: Retrial Of Teen Accused In Twin's Death Set For August
March 19, 2009: Mistrial Declared In Teen's Murder Trial
March 19, 2009: Twin's Murder Case In Hands Of Jury
March 18, 2009: Man Refuses To Testify In Lewis Trial
March 13, 2009: Confrontational Videotape Played At Teen's Murder Trial
March 12, 2009: Lead Detective Takes Stand In Twin's Murder Trial
March 11, 2009: Crime Scene, Autopsy Photos Shown In Teen's Murder Trial
March 11, 2009: Mother Defends Son Accused In Twin's Slaying
March 9, 2009: Trial Begins For Teen Accused In Twin Brother's Death
February 20, 2008: Warrant Reveals Evidence In Slaying
March 2, 2008: Family Defends Twin Accused In Brother's Death
Feb. 14, 2008: Twin Charged In Brother's Death
February 13, 2008: Twin Arrested, Charged With Brother's Slaying
January 24, 2008: Family, Friends Bid Farewell To Slain Teenager
January 20, 2008: Police: Men Break Into Home, Killing Teen