Read it. Still think there will be a settlement happening.
Mainly because they just want the issue to to go away, not so much because the case has merit.
As a former operations person (not at Universal), she really doesn't have much of a chance. These restrictions are almost certainly straight from the ride manufacturer, though it is also possible the park may have decided to exceed manufacturer recommendations for other reasons (but I generally doubt it). As for the apparent discrepancy with her being able to ride most all attractions at Disney...I have my suspicions/guesses, but I won't speculate as to what those are. These restrictions are pretty much similar to what you would encounter at any other US park. As a reference, here is
Cedar Point's Guest Assistance Guide. Of the 4 attractions I worked at the most over 2 summers there (though I worked a total of closer to 15 total rides), she could have ridden one, the Scrambler. She would not have been able to ride the Matterhorn, Blue Streak, or Dodgems (bumper cars). A few of the family/kiddy rides I worked even have a requirement of one arm and one leg (sometimes allowable as two arms as long as the amputation is at/below the knee with enough for the restraint to function properly), and she would not have been able to ride even the relatively tame Ocean Motion (a HUSS swinging ship). While these restrictions can seem a bit absurd at times, they help to ensure safety even in extraordinary circumstances and ride failure.
Also, keep in mind that while she may be a person with exceptional control of her body without her arms, she is almost certainly the exception and not the rule. Making an exception for her is not only a HUGE liability risk on the part of the park during her visit, but also risks setting a precedent when a "lesser-abled" double amputee visits the park and finds out about the exception made for her.
EDIT: Another thing to keep in mind is that while the generally accepted way to ride a thrill ride as a guest is with arms up and not holding on, that is not the legal/safe riding position. While you won't "get in trouble" for riding with your arms up and/or not holding on to the provided grab bars or your restraint, if an injury happens that could have been prevented by you following the proper riding position the park is not at fault. All attraction signage and generally all announcements/spiels tell you to sit upright, holding on for the duration of the ride. Obviously, someone with no arms and not using any prosthesis cannot hold on, which means they cannot be in a proper riding position.
Obviously I am not taking into account prosthetics, as I don't recall the article mentioning if she had them. Prosthetic rules are a bit more variable, due to being considered loose articles in some instances.