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Human rights lawyer Reda al-Danbouki expects such a settlement to be reached.
Long negotiations have led to a proposed settlement, to be ruled on by Judge Denny Chin.
Mr. Blumenthal said he expected the settlement to be approved within six months.
Some legal experts said precedent exists in Massachusetts for an oral settlement to be binding.
"We are continuing to talk with the unions and we believe there is a settlement to be had.
Throw in complicated local issues as well, and no wonder neither side expects an overall settlement to be achieved either quickly or easily.
In theory, the prospect of a political settlement, to be swiftly followed by admission to the Union, should appeal to the Turkish-Cypriot community.
The company said it expected that settlement to be an additional $7.8 billion, which it will pay from a trust it set aside to cover such costs.
Sustaining such a pace is unaffordable and the new spending settlement to be announced in October is likely to halve that growth rate.
On the firm's Web site, the law firm estimates that the total value of the settlement to be "as high as $228 million".
A group of publishers said they were disappointed by the decision, but believed that it provided "clear guidance" on the changes necessary for the settlement to be approved.
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CEO of Professional Science Editing for Scientists @ prosciediting.com