The star pleaded not guilty to the charges made against him before his first trial previous year.
Cosby, 80, is charged with drugging and molesting Constand while she was a manager of the Temple University women's basketball team and he was a high-profile university trustee.
Cosby, who was lauded as a hero by African Americans and revered by whites for smashing through racial barriers, is best remembered for his role as Cliff Huxtable on "The Cosby Show".
The disclosure of the settlement amount came in Steele's opening statement to the jury in Montgomery county court of common pleas in Norristown, a small, run-down Pennsylvania community struggling from industrial decline.
In one dramatic moment, Steele urged jurors to "listen to the testimony that she did not say 'yes'".
The pioneering black entertainer's first trial ended in a hung jury on June 17, with a sequestered panel hopelessly deadlocked after six days of testimony and 52 hours of deliberations.
Nicolle Rochelle, 39, was arrested and charged "with Disorderly Conduct after she entered a restricted space on the grounds of the Montgomery County Courthouse at 8:35 a.m., when the defendant, William H. Cosby Jr., was arriving for court docket", the Montgomery County District Legal professional's Workplace stated in a press launch on Monday.
Cosby has denied all charges against him.
At a pretrial hearing last month, Assistant District Attorney Stewart Ryan previewed how the prosecution might counter the defence's allegations that Constand was setting up Cosby.
Cosby's defense team is set to make its opening argument Tuesday morning.
She was topless and the words "Women's Lives Matter" was written in red paint across her body, along with the names of other woman who have accused the actor of sexual misconduct.
After limiting the focus of the first trial, Judge Steven O'Neill has been willing to let both sides push the retrial well beyond Constand's allegations. Constand then sued Cosby in civil court and the parties settled in 2006. At the first trial, he allowed prosecutors to call only one other accuser.
Rochelle was apparently among a group of protesters at the courthouse who greeted Cosby with jeers.
Sonia Ossorio, center, leads the National Organization for Women of NY in protest as Bill Cosby arrives for his sexual assault trial at the Montgomery County Courthouse on April 9, 2018, in Norristown, Pa.
She ran in front of Cosby toward a bank of TV cameras as the comedian walked into a suburban Philadelphia courthouse for the start of his sexual assault retrial.
Disgraced US megastar Bill Cosby paid $3.38 million to a former university employee who accuses him of sexual assault, his retrial heard Monday in a dramatic revelation in a lengthy prosecution opening statement.
Although parts of that settlement have been made public - including Cosby's admission that he got prescription sedatives to give to women he wanted to have sex with - the price tag of that agreement had remained a secret.