Family spokesperson Sabine Kehm told The Associated Press by email on Thursday that legal action was successful, without making any further comment.
The compensation amount was reportedly 200,000 euros ($217,000).
German publisher Funke magazines apologized to Schumacher's family last year for the article and fired the chief editor of Die Aktuelle.
It was while skiing in the French Alps at Meribel that Schumacher fell in December 2013 and suffered a near-fatal brain injury. His head hit a rock which split open his helmet. Since being transferred from hospital in September 2014, the seven-time F1 champion has been cared for privately at a family home in Switzerland.
The 55-year-old Schumacher retired from F1 in 2012 after winning 91 races, and five straight titles with Ferrari from 2000-04. The German driver's other two titles were with Benetton in 1994 and 1995.