Larry Goodman has dropped his long running legal action against the State after it refused to compensate him for losses on beef exports to Iraq.
The court case began in 1989 when the Louth beef baron sued the State following a decision by the then Minister for Industry and Commerce, Desmond O'Malley, to cancel export credit insurance on the company's sales of beef to Iraq. The insurance was removed in the belief that the exported meat was not Irish but was being sourced from the UK and intervention stock.
Approximately Ђ100m was claimed against the State, in addition to costs and damages. Goodman had initially sued for around Ђ200m.
Mary Harney, the Tanaiste and Minister for Enterprise, has welcomed the decision by the company to withdraw its legal action.
