I think the catch is in this. Vic will be more than ready to settle with the only condition that the defendant, who wants to get off the hook, must publicly completely disclaim his own words. Public apology.
And the problem of the defendants is that no one but Funimation can even theoretically go for it. Once they do so, they are done.
So they will fight back in court until their money runs out, and then the court will just rule in Vic's favor that they owe him money.
That's if Funimation doesn't make their move. If Funimation finally decides to turn everyone in, apologize to Vic, pay him compensation and take him back, the case will close very quickly.
Funimation has other options. They can get off the hook through TCPA now, or through an appeal (if they are lucky). They can try to prolong the lawsuit itself for years (they have money).
This is where Nick and the media component are needed. To force Funimation to turn everyone in.