Former Minister for the Marine Frank Fahey has said he feels vindicated having settled a defamation action against the publishers of the Irish Daily Mail for a six figure sum.

As part of the deal, an apology to the former Galway West TD was read out in the High Court on behalf of Associated Newspapers relating to a series of seven articles that appeared in the Irish Daily Mail and Irish Mail on Sunday between June 2006 and May 2010.

The publishers have admitted that the Irish Daily Mail wrongly reported on 29 June 2006 that Mr Fahey had been accused in the Dail of tax evasion in his property dealings.

It has also conceded that it inaccurately stated in a series of articles in 2006 and 2007 that while a Minister, Mr Fahey had shown favouritism in the administration of the Lost at Sea Scheme for the fishing industry.

It inaccurately reported that two of his constituents had received 2 million euros in fishing quotas which constituted 75% of all compensation paid.

Associated Newspapers has also said it wishes to make clear following an article published in May 2010 that a change to the former Minister's pension arrangments did not come about from lobbying by Mr Fahey to the then Minister for Finance, Brian Cowen.

The publishers have unreservedly apologised to the former Fianna Fail TD for any distress or embarassment caused to him and his family.

The former Fianna Fail Minister says he's happy with the result: