Lawyer and businessman Nick Di Girolamo has dropped his defamation case against Fairfax Media.
Di Girolamo started proceedings against the media company over six articles describing his role in the company Australian Water Holdings, which he said "completely destroyed" his reputation.
After a four-and-a-half day trial, Mr Di Girolamo's legal representatives filed a notice of discontinuance on Friday and entered into a confidential settlement.
Fairfax Media's barrister Tom Blackburn SC said in a statement to the court that the articles "did not say and ... did not intend to say that Mr Nicholas Di Girolamo was corrupt".
Sydney Morning Herald editor-in-chief Darren Goodsir welcomed the settlement.
"I am very happy with the outcome of the proceedings and the fact that these important pieces of journalism remain on the public record," he said.
The articles in dispute dated back between December 2012 and August 2013.
One of the articles, "Water company donated cash to Nationals MP" stated Mr Di Girolamo donated $10,000 to Nationals MP Katrina Hodgkinson before his appointment to the board of the state-owned State Water Corporation, overseen by her as a minister.
Mr Di Girolamo alleged the article suggested he did not deserve the appointment, or that his donation helped his appointment.
Mr Nicholls and senior reporter Kate McClymont both had given evidence in the trial this week before the notice of discontinuance was filled.
Steven Lewis, the legal representative for Mr Di Girolamo, declined to elaborate further than the court-read statement, and told AAP "the matter had been settled and the settlement is confidential".
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