Former Fianna Fáil minister Frank Fahey has received an apology and a "six-figure sum in damages" following the settlement of a libel action against the publisher of the Irish Daily Mail and the Irish Mail on Sunday.

Mr Fahey took the action against Associated Newspapers for articles written in 2006, 2007 and 2010.

In an apology read on behalf of Associated Newspapers in the High Court, it apologised for what it said was "a number of allegations and references" to the former Galway West TD.

The court heard that it admitted "wrongly" reporting that Mr Fahey was accused in the Dáil of being involved in tax evasion in relation to property dealings.

In articles in 2006 and 2007, the newspapers said that they published statements "that were inaccurate" in relation to his administration of the Lost at Sea Scheme.

They said that in May 2010 they reported on changes in pension arrangements of certain former government ministers, saying today "we wish to make it clear the changes did not result from lobbying from Mr Fahey".

In a statement after the brief hearing, Mr Fahey's solicitor said: "These allegations constituted an extremely damaging and completely unjustified attack on my client's hard-earned reputation.

"The six-figure sum in damages paid to Frank Fahey, together with his legal costs, as part of an overall settlement, reflect the gravity of the slurs on his character and the consequences for him arising from the publication of these outrageous allegations.

"While this comprehensive apology has come very late in the day, my client is nonetheless very satisfied with what is an unequivocal and complete vindication of his reputation."