A credit union has withdrawn allegations of gross misconduct against its chief executive as part of a settlement of his High Court proceedings challenging his dismissal.

Carlow Credit Union has, without any admission of liability, withdrawn the allegations against Eugene Kearns, the court heard.

On Wednesday, Mr Kearns was granted injunctions restraining his employer from publishing his dismissal and from appointing anyone in his place pending further order. He was also granted permission to serve at short notice his his intention to bring proceedings injuncting his dismissal.

He strongly denied the claim of gross misconduct, the court heard, in what was a one side only represented application to the court on Wednesday.

When the matter returned before Mr Justice Tony O'Connor on Friday, Marguerite Bolger said that following talks the matter had been resolved and a statement would be read out by Mark Connaughton SC, for the credit union.

Mr Connaughton said that the parties had come to an agreement in writing, the terms of which are confidential.

Without any admission of liability the credit union withdrew the allegations of misconduct, he said. Both sides wished each other the best for the future, he added.

Mr Justice O’Connor struck out the case.