The Monaghan family trust has settled an action in which it had sought judgment orders for €11 million against businessman Brendan Murtagh and others over money allegedly loaned by the trust for a major development in Poland.

The proceedings by Ray and Eileen Monaghan, of Rossaville, Ballincar, Co Sligo, acting on behalf of the Monaghan family partnership, were admitted to the Commercial Court earlier this year by Mr Justice Peter Kelly.

Yesterday, the judge was told by Ross Gorman that the matter had been settled. Counsel asked for a long adjournment to February next to facilitate implementation of the settlement which, he said, involved the defendants procuring the sale of certain properties.

The judge agreed to that adjournment.