The libel suit filed by Ritz-Carlton developer Michael Ryan against KYC News, Inc. was settled out of court last week, just before the Cayman Islands Grand Court trial was set to begin on Monday.
The suit was of wider interest because KYC News was expected to depose Leader of the Opposition McKeeva Bush during the trial to query him about payments he received from Mr. Ryan. Mr. Bush has always maintained the payments were for sales commission on the Residences at The Ritz-Carlton, on which Mr. Bush’s real estate company had the listing.
Mr. Ryan and his company, Condoco Grand Cayman Resort Ltd., brought the action in response to what they considered libelous statements made in KYC News, Inc. publications.
KYC News Inc. publishes a website and several electronic newsletters, including Offshore Alert.
Mr. Ryan said he was unable to comment on the settlement under the terms of the agreement. However, attorneys for the parties agreed to a joint statement.
‘This litigation has been settled on terms, which are mutually acceptable to the parties,’ the statement said. ‘It has been agreed that the material that was the subject of complaint in this action will be removed from the Defendant’s websites and that the Plaintiffs will not seek any damages or costs.’
The statement also said the parties to the action will not be making any further public announcements concerning the matter.
The KYC News website on Tuesday did not contain any mention of Mr. Ryan.
KYC News, Inc. has been sued for libel on at least three other occasions. KYC News editor David Marchant boasted in the past that there has never been a successful libel suit against the company.
The KYC News website lists failed libel actions and allows viewers to see documents suggesting fraud against the companies that brought the libel suits. There is no listing for Mr. Ryan or his company in that section of the website.
Related Videos
