Developer Paddy McKillen has settled a defamation action against the Irish Daily Mail.

As part of the settlement, a retraction and apology were read to the High Court and a substantial donation has been made to a charity nominated by Mr McKillen.

In its apology, the Irish Daily Mail said the Matt Cooper column on 5 August 2015 dealt with the return to the market of property developers some of whose loans had been taken into NAMA.

Reference was made to Mr McKillen in the piece. The headline, not written by Matt Cooper, referred to 'Nama's Busted Tycoons'.

The Irish Daily Mail said it wished to make it clear that it was never the newspaper's intention to suggest that Mr McKillen fell within this category.

The paper continued that his borrowings had at all times been fully performing and he had never been a burden on the taxpayer.

It said he had contributed millions of euro to the State in revenues and created over a thousand jobs.

He successfully blocked NAMA from acquiring his loans and has since repaid his IBRC loans in full.

It apologised to Mr McKillen.

Mr McKillen's solicitor, Paul Tweed said in a statement that his client was very satisfied with the comprehensive and categoric retraction and apology.

He said that, together with the donation to charity, they provided a total vindication of his reputation.