The unidentified woman claimed Broidy got her pregnant.
In his statement, the married Broidy apologized to his family. The Times reported earlier this year that Mr. Cohen and Mr. Davidson discussed the deal the day before Ms. McDougal signed the contract. "She alone decided that she did not want to continue with the pregnancy and I offered to help her financially during this hard period", he added.
Broidy, a Los Angeles-based venture capitalist, has acknowledged the relationship, which he characterizes as "consensual". Daniels at the time of the payment was being represented by Keith Davidson, the same attorney who represented the woman in the Broidy negotiations, according to the Journal.
In this case, Broidy was known as David Dennison and the Playboy model was described as Peggy Peterson.
Avenatti is suing to void a non-disclosure agreement Cohen negotiated on Trump's behalf with the porn star, who charged that she and Trump had a one-night stand in 2006 months after the president's third wife, Melania, gave birth to their son. It also prevents her from pursuing "what she said were potential legal claims against Mr. Broidy, according to the person familiar with the matter".
CNN has reached out to Cohen for comment.
Cohen is also a national deputy fundraising chair for the RNC and arranged the payment over two years in quarterly installments as part of a deal preventing the woman from disclosing the relationship, the Journal reports. The Playmate became pregnant and elected to have an abortion. She alone decided that she did not want to continue with the pregnancy and I offered to help her financially during this hard period.More news: Azerbaijan's strongman Ilham Aliyev re-elected for fourth consecutive term
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This means she would not have been paid the entirety of the $1.6 million yet - and there's a chance she may not get the rest of the money. Legal experts said that payments to silence Trump's accusers may be considered improperly unreported campaign donations.
The person added that so far, "all payments have been made pursuant to the agreement".
Last week, federal agents raided Cohen's house, hotel room, and office, prompting outrage from Trump who called it a "witch hunt" and a "disgraceful situation".
And the authorities reportedly seized documents and communications related to the now-infamous "Access Hollywood" tape containing audio of Trump boasting about sexual harassment.
He also admitted to paying Stephanie Clifford, who works in the adult-film industry under the name Stormy Daniels, $130,000 less than two weeks before the 2016 general election.
Another source familiar with the matter told CNN on Tuesday that a focus of the raids was to seek records on the deal set up between McDougal, an ex-Playboy Playmate, and a company that reportedly paid her during the 2016 presidential campaign cycle to keep her account of an alleged relationship with Trump from publication.