Former Independent News and Media (INM) executive Karl Brophy has settled his High Court action against the company over his dismissal from his €300,000 per year job.
On the third day of his action for damages today, Mr Brophy's counsel, Oisín Quinn, told Ms Justice Mary Laffoy the case had settled following talks.
Brian O'Moore SC, for INM, then read an agreed statement in which INM confirmed no allegation of misconduct had ever been made against Mr Brophy and no such allegation was maintained during the proceedings.
Mr Brophy also accepted the decision to make him him redundant was made by INM chief executive Vincent Crowley and that businessman Denis O'Brien, the largest shareholder in INM, had "no hand, act or part in that decision", counsel said.
On the application of the sides, Ms Justice Laffoy then struck out the matter. No further details of the settlement were provided in court.
In his original injunction proceedings, Mr Brophy had alleged Mr O'Brien was behind the decision to dismiss him. This, he claimed, was because of a previous history between the two men and because Mr Brophy was appointed director of corporate affairs and content development at INM by former CEO Gavin O'Reilly, who stood down with a €1.87 million exit package last April.
Mr O'Reilly was in court today for the announcement of the settlement and to hear evidence given by his successor, Mr Crowley.
Mr Crowley told the judge that, for some time before his departure, Mr O'Reilly and Mr Brophy were working to try to back up Mr O'Reilly's view that Mr O'Brien had significant non-performing borrowings with the former Anglo Irish Bank and was therefore effectively funded by the Irish taxpayer (as Anglo had been nationalised).
The two men put a significant amount of time and effort, which was ultimately unsuccessful, into looking into this allegation so that it could be put into the public domain, Mr Crowley said.
The decision to make Mr Brophy redundant was part of a decision by Mr Crowley to effect cost savings in the company, Mr Crowley added.