Developer Michael O'Flynn, his brother John, and the O'Flynn Group, have received an apology in the High Court from the National Asset Management Agency over the unlawful dissemination of their personal and business information.
NAMA will also pay "a substantial contribution" to the O'Flynns for their legal costs in bringing the case.
The O'Flynns and their firm sued over the leaking of confidential business information by former NAMA official Enda Farrell.
Mr Farrell was given a two year suspended jail sentence in May 2016 for unlawfully disseminating confidential NAMA information. Mr Farrell has also apologised to the O'Flynns as part of today's proceedings.
In July 2016, NAMA confirmed to the O'Flynns that information about them had been leaked by Mr Farrell. However, NAMA refused to provide documentation to them after saying it was seeking guidance from An Garda Síochána.
The O'Flynns sued, claiming the leaks had a material impact on the prices achieved by both them and NAMA in the disposal of the assets from 2010 and 2013 and on a significant loan sale in 2014.
The case was against NAMA, its company, National Asset Loan Management, and Mr Farrell.
The case came before Mr Justice Robert Haughton today when Michael Cush SC, for the O'Flynn side, said he was pleased to say it had been resolved on confidential terms and statements would be read to court on behalf of the defendants.
In the statement read by Paul Coughlan SC, for the NAMA defendants, it said they wanted to "unreservedly apologise to the O'Flynns that they were compelled to take these High Court proceedings before the information requested was provided to them.
"In recognition of the foregoing, NAMA has agreed to pay a substantial contribution towards the legal costs incurred by the O'Flynns related to these proceedings".
The statement also said that in 2012, Mr Farrell "unlawfully disseminated" the information of the bothers and the O'Flynn group. "It is NAMA's position that Mr Farrell acted on his own, unlawfully and without authorisation and NAMA does not bear any legal liability for the said dissemination.
"Notwithstanding this, NAMA wishes to express its sincere regret to the O'Flynns that this should have happened".
The statement also said when it became aware of the dissemination of the information , it investigated immediately and reported it to the Gardaí.
NAMA acknowledged the O'Flynns made "repeated requests" for the information but did not provide it until they took High Court proceedings and "deeply regrets" and apologises for that, it said.
NAMA acquired the O'Flynn loans from February 2010 onwards and acknowledged the "full co-operation of the O'Flynns since that time and during the major restructuring of their loans and subsequent sale to Carbon Finance Ltd in May 2014".
NAMA also expressed its appreciation for their agreement to resolve the proceedings on this basis.
In an apology read by Robert Dore, solicitor for Mr Farrell, he stated that in the past he "knowingly circulated" NAMA information and materials of a confidential and commercially sensitive nature in relation to the O'Flynns and their group of companies.
"I accept the said dissemination was unlawful", he said.
He apologised "earnestly and unreservedly" for this and "for all the consequences of my actions".
On the basis of that, Mr Justice Haughton struck out the case.
Full text of apology from NAMA:
In 2012, Enda Farrell, a former officer of National Asset Management Agency (NAMA) unlawfully disseminated the personal and business information of Michael O'Flynn, John O'Flynn and the O'Flynn Group of Companies (the O'Flynns). It is NAMA's position that Mr Farrell acted on his own, unlawfully and without authorisation and that NAMA does not bear any legal liability for the said dissemination. Notwithstanding this, NAMA wishes to express its sincere regret to the O'Flynns that this should have happened.
When NAMA became aware of the dissemination of information relating to the O'Flynns' loans by Enda Farrell, it immediately investigated the matter and reported the incident to the Garda authorities. NAMA acknowledges that the O'Flynns made repeated requests for information relating to the said dissemination and that NAMA did not provide the information requested until after the O'Flynns proceedings issued in 2016 and the criminal prosecution concluded. NAMA deeply regrets this situation and sincerely apologises to the O'Flynns for the difficulties it caused them.
NAMA wishes to unreservedly apologise to the O'Flynns that they were compelled to take these High Court proceedings before the information requested was provided to them. In recognition of the foregoing, NAMA has agreed to pay a substantial contribution towards the legal costs incurred by the O'Flynns in relation to these proceedings.
NAMA acquired the O'Flynn loans from February 2010 onwards. NAMA acknowledges the full cooperation of the O'Flynns since that time and during the major restructuring of their loans and subsequent sale to Carbon Finance Ltd. in May 2014.
NAMA wishes to express its appreciation to the O'Flynns for their agreement to resolve the proceedings on this basis.
Text of apology from Enda Farrell:
In the past, I knowingly circulated National Asset Management Agency information and materials of a confidential and commercially sensitive nature in relation to Michael O'Flynn, John O'Flynn and the O'Flynn Group. I accept that the said dissemination was unlawful. I apologise earnestly and unreservedly to Michael O'Flynn, John O'Flynn and the O'Flynn Group for the said unlawful dissemination of this information and for all of the consequences of my actions.
