Scott Olsen, who served two tours in Iraq, suffered brain damage when riot police used tear gas to disperse protestors in Oakland on October 25.
Olsen, 26, welcomed the settlement but said it could not compensate for his injuries including a fractured skull.
"It's certainly not enough to make up for a part of my brain that is dead and will forever be dead," Olsen yesterday told the Democracy Now! video news outlet.
"I guess I thought that I wasn't in Iraq anymore, you know, I'd be more or less safe," he said, cited by the San Francisco Chronicle.
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"I wasn't going to get shot. I wasn't going to be attacked. Oakland police proved me wrong in that, and it makes me feel less safe in general, especially around people who are supposed to be protecting you.
"I don't feel safe at all around police."
Its message of fighting for economic equality has resonated particularly in Oakland, a city across the bay from San Francisco that is plagued by poverty and a soaring murder rate.
Images of a bloodied Olsen being carried away after being hit fueled further protests in Oakland and elsewhere.