I looked at the documents and it does appear to be bilateral. By that I mean that both sides have released any claims against the other, at least those claims related to this litigation. By taking this tact, it appears that they will not need to file the settlement, but the court has to accept the document. My guess is that the court will not care as long as both parties agree to drop their suits.
Again, I am not a lawyer nor am I making a legal opinion, this is just what it looks like.
I cannot say for sure what is exactly agreed to be released, other than the specifics of this litigation. So if Drago has other claims based on failure to pay back other loans they may not be released. In any case, the settlement, which does not appear to be required to be filed with the court by using this method, is the only document that will clearly delineate rights and responsibilities.
Again, this is just my guess based on what I could see.
There is one phrase in the document that might mean that they still have to show the court the settlement It is in the first paragraph: " [the parties] in the above entitled number cause, and would show the court that they have resolved all matters in controversy ..." I am not sure that this will not require an actual hearing where the settlement is produced or that it be filed as part of the court record.
Of course, others may have a different opinion ...
