A legal action by multimillionaire stockbroker Bruce Ashmore against his former employer, Goodbody Stockbrokers, and the financial regulator was settled at the High Court yesterday.

No details of the settlement were disclosed but the court was told it involved "no payment of damages or costs" to Mr Ashmore by either Goodbody, its parent companies or the regulator.

After the settlement was announced, Mr Ashmore, former head of equity trading at Goodbody, said he was unable to comment, but added: "I live to fight another day."

His wife Edel said they were both delighted the case was over and with the outcome.

The proceedings arose because of a delay in Mr Ashmore securing the necessary licence and authorisation from the Irish Financial Services Regulatory Authority to set up a hedge fund, Pilot View Capital Ltd (PVC), after he departed Goodbody's in late 2001.

PVC was granted authorisation by the regulator on January 26th, 2005 to act as an investment business firm.

It had been incorporated in June 2002.

Mr Ashmore claimed that delay in securing authorisation was caused by an allegedly unsatisfactory reference from Roy Barrett of Goodbody's and had cost him millions of pounds.

In his legal action, it is understood he had sought damages of some €22 million.

After the proceedings were brought by Mr Ashmore against both Goodbody's and the financial regulator, the licence was awarded and Mr Ashmore has since secured the necessary approval to be a director and shareholder of the fund, which he had set up with his business partners, Johnny Fortune, Gerry O'Reilly and Paddy Shanahan.

The action by Mr Ashmore has been in preparation for some time and the intention to bring it was signalled by Mr Ashmore while he was giving evidence during the long-running High Court action last year by Fyffes against DCC.

Mr Ashmore told the High Court during the Fyffes proceedings that he had left Goodbody in 2001 to set up a hedge fund but had encountered difficulties because, he alleged, his former boss, Mr Barrett, wrongfully told the financial regulator that Mr Ashmore was to blame for certain compliance issues allegedly raised by the regulator with Goodbody.

The action was due to open yesterday and was expected to run for six to eight weeks.

However, after day-long talks between the sides, Brian O'Moore SC, with Patrick Hunt SC, for Mr Ashmore, said the case had been settled on the basis of two statements to be read to the court regarding both defendants.

In relation to the claims against Goodbody, that case was settled, it was stated.

No damages or costs had been or would be paid by Goodbody or its parents companies to Mr Ashmore on foot of the settlement, it was also stated.

The issues which had existed between the parties at the commencement of the proceedings had been resolved and any existing orders for costs in favour of any party were to be dissolved.

Regarding the claims against the financial regulator, the court was told that Mr Ashmore withdraws any allegations of bad faith against the regulator, its employees, servants or agents and accepts they had all acted in good faith.

Michael Collins SC, for Goodbody, and Donal O'Donnell SC, with Maurice Collins SC and David Barniville, for the regulator, indicated acceptance of the settlement.

On the basis outlined by counsel, Mr Justice Frank Clarke then struck out the proceedings.