The agreement is a victory for Mauricio Macri, who was sworn in as Argentina`s president in December.
He reversed the non-payment stance taken by his predecessor, Cristina Fernandez de Kirchner.
Daniel Pollack, the court-appointed mediator, said: "It gives me greatest pleasure to announce that the 15-year pitched battle between the Republic of Argentina and Elliott Management, led by Paul Singer, is now well on its way to being resolved."
The long-standing dispute has restricted the country`s access to international credit markets.
The investors bought the bonds at heavily discounted rates after the country`s economy collapsed in 2002.
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