Former Shareholders' Association chairman Bruce Sheppard says he hasn't made a settlement offer to Mark Hotchin and Eric Watson in his defamation case, and has never even thought about it.
The high-profile businessmen filed lawsuits against the association and Sheppard for comments he made about them.
Sheppard made numerous statements on television, radio, emails and on blogs which were critical of Hotchin and Watson.
The defamation hearing is not due to happen until later year but the Shareholders' Association issued a statement this morning saying it had settled with the Hanover pair.
According to the Herald on Sunday, the settlement was understood to be worth a six-figure sum.