Jerry Henchy, the former CEO of Dairygold has said that he is “delighted” with the outcome of his case against the co-operative and that his good name and reputation have been fully vindicated.

In a statement read to the court this morning Henchy said that he is looking forward to the future and thanked his legal team.

The case came to a dramatic end this morning after 19 days in court beginning in July of this year. Henchy had been on the stand for 15 of those days.

The 48-year-old businessman and father of three from Kilmallock, Co Limerick had been looking for over €9m in damages on the grounds that he had been sacked for “spurious reasons”. He had alleged an orchestrated campaign against him involving the company’s chairman, Vincent Buckley and others and had claimed that board minutes had been leaked to the press resulting in defamatory articles claiming that the “real” reason behind his dismissal had been alleged financial impropriety in his farming account on which he owed some €159,000.

Today’s settlement means that he will receive no damages but Dairygold have agreed to pay almost €200,000 in contribution towards his legal costs.

In statement today Dairygold confirmed that any suggestion that Henchy’s dismissal was as a result of any financial impropriety “was and is without foundation.”

Henchy also confirmed that Dairygold had taken the decision to terminate his services as CEO in good faith and without malice towards him. He did not attend today’s brief court hearing.

On Friday the court adjourned to allow Henchy to assemble his bank records detailing his accounts as he was cross-examined regarding the amount owing on his farm account and his ability to pay the outstanding balance. Both sides had been in discussions throughout the week.

This morning as the court convened for the 19 day of proceedings Tim O’Leary SC, counsel for Henchy told Mr Justice Daniel Herbert that the case had been settled and could be struck out.

Mr Justice Herbert said that he would make that order and also discharge all intervening orders.