It is a "let's see if we can avoid going to trial" meeting!
Settlement Conference is a meeting between the opposing parties to a lawsuit at which they try to reach an agreement as to their disputes without having to resort to a lengthy and often costly trial. A settlement judge is also present at the conference but does not have decision making powers but s/he basically listens to the negotiations and offers constructive opinion.
In some jurisdictions, a settlement conference cannot take place unless all parties are represented by attorneys (no pro se accommodation) and its duration is of course very much dependant on the nature and quality of the disputed claims.
fredrikklaw