Fairfax Media and the ABC have won a defamation case brought against them by a former National Australia Bank financial planner, after he agreed to settle the case and pay $200,000 in legal costs.
In an extraordinary backdown, Graeme Cowper agreed judgment should be entered in the media companies' favour shortly before he was due to be cross-examined in the NSW Supreme Court before a four-person jury.
![Former NAB planner Graeme Cowper took action against Fairfax Media and the national broadcaster last year.](/web/20161208045454im_/http://www.theage.com.au/content/dam/images/1/3/k/w/v/q/image.related.articleLeadwide.620x349.gt3wu2.png/1480907447198.jpg)
Mr Cowper also agreed to pay $200,000 in legal costs to the media outlets by April 30 next year.
This would have been the third week of the trial.
The former NAB planner took action against Fairfax Media and the national broadcaster last year over reports in The Sydney Morning Herald and The Age and on ABC TV.
The reports formed part of an investigation by senior Fairfax journalists Adele Ferguson and Ruth Williams that revealed NAB had sacked a number of financial planners over inappropriate advice.
Mr Cowper complained the reports conveyed, among other things, that he was "fired by the NAB" in 2009, "ruthlessly exploited his clients for his own gain", "misconducted himself" by giving inappropriate and aggressive financial advice and manipulated documents including forging clients' signatures.
He was seeking damages, including aggravated damages, and an order that the articles be removed from Fairfax websites.
The media outlets had pleaded a range of defences, including truth and qualified privilege, which concerns publications in the public interest.
Sandy Dawson, SC, for Fairfax Media and the ABC, told Justice Lucy McCallum on Monday "the proceedings as against both sets of defendants [had] settled" over the weekend on "all issues".
Justice McCallum discharged the jury and entered judgment in favour of the defendants.
Justice McCallum thanked the jury for their attendance and said she regretted the surprise settlement meant she had not been able to bring them some of her "famous home-baked Christmas shortbread ... to thank you for your attention".