Mayweather & Pacquiao Inch Toward the Ring

LAS VEGAS (CN) - Boxers Floyd Mayweather Jr. and Manny Pacquiao settled their $75,000 defamation case, although the terms of the agreement remained confidential.

"This matter is concluded in its entirety and shall be dismissed," according to a joint stipulation of dismissal order filed in Federal Court. "Each party shall bear its own attorneys' fees and costs."

The agreement possibly clears the way for a much-anticipated match-up between the two boxers, who have exchanged verbal barbs over the years but never faced off in the ring.

Seeking some $5 million in damages, Philippines-born Pacquiao sued Mayweather, Oscar De La Hoya and several promoters in late 2009 for defamation, claiming they had hatched a campaign to destroy his career by accusing him in the press of taking performance-enhancing drugs.

The lawsuit came as both boxers had been trying to reach an agreement for a proposed match-up in March of that year.

"Calling a professional athlete a cheater is the most serious charge one can make," the lawsuit stated, "and in today's world, accusing an athlete of using performance-enhancing drugs - however baseless and lacking in evidence - is toxic."

Pacquiao denies the steroid allegations. Mayweather later filed counterclaims against Pacquiao for defamation, but he has not had much success in the litigation.

Last week, a judge ordered Mayweather to pay $114,000 in legal fees and costs for avoiding questioning under oath from Pacquiao's attorneys.

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