One more down, a gazillion left to go!

Girls Gone Wild mastermind Joe Francis has reached a settlement this week with a Panama City, Florida, woman who said she was 16 when filmed flashing her breasts in 2002.

Her picture was on the cover of a popular GGW video.

Francis' attorney said the woman will not be paid but will be freed of a countersuit alleging she abused the legal process.

Joe caught another lucky break!