A legal dispute between Oliver Garry, a Fine Gael member of Clare County Council, and his brother, Dublin-based businessman Edward Garry, arising from allegations that money was misappropriated from a company owned by them, has been settled, the High Court has heard.

Edward Garry had sued Abbey Contractors Ltd, alleging that money was taken without proper authorisation from its accounts.

It was claimed €400,000 was withdrawn from the company without any authorisation by Oliver Garry and his sons Colin and John Garry for their own use over a six- to seven-year period. They denied any wrongdoing.

Edward Garry co-owns the company with his brother Oliver, Fort Hill, Kildysart, Co Clare.

The firm mainly carries out works for Irish Rail and has a registered address at Fort Hill, Kildysart.

Earlier this year, lawyers for Edward Garry unsuccessfully sought injunctions, pending the main hearing, against Oliver Garry and his two sons, who were said to have effectively become directors of the firm in 2004.

Edward Garry had sought to have them pay back a sum of €33,000 allegedly withdrawn earlier from the company and also sought the release of work diaries, accounting details and time sheets relating to the company.

Ms Justice Mary Laffoy was told this week the main action had been resolved and could be struck out. No details of the settlement were revealed.