Apple has agreed to pay $95 million to settle a lawsuit accusing the privacy-minded company of deploying its virtual assistant Siri to eavesdrop on people using its iPhone and other trendy devices.

The proposed settlement filed Tuesday in an Oakland, California, federal court would resolve a 5-year-old lawsuit revolving around allegations that Apple surreptitiously activated Siri to record conversations through iPhones and other devices equipped with the virtual assistant for more than a…