Music mogul Louis Walsh has settled a damages action against News Group newspapers for €500,000.

Mr. Walsh claimed he was defamed by The Sun newspaper in 2011.

It related to coverage of a false sex assault allegation against him.

The legal team for The Sun read a statement to the High Court earlier apologising to Mr. Walsh who they agreed was innocent.

Paper admits 'assault did not occur'

They admitted that the claim - which was made by unemployed dance teacher Leonard Watters - was false and apologised to Walsh accepting that the "alleged assault did not occur in the first place".

The paper published an article in its editions on June 23rd last year on the story in which it was wrongly claimed Walsh had groped Mr. Watters at a celebrity nightclub following a Westlife concert in April 2011.

Watters was subsequently jailed 6 months for making the false allegations.

Speaking outside the Four Courts in Dublin Louis Walsh said he is relieved it is all over and he thanked his legal team.