Venable LLP, the law firm representing Woods, issued a statement Monday saying the golfer had settled for an undisclosed amount with the builder of 'Privacy,' Vancouver, Wash.-based Christensen Shipyards Ltd.
Woods claimed in the lawsuit filed in 2004 that the company had breached its contract by using his name and photos of him and the 155-foot yacht as promotional materials without authorization.
'We made a mistake and truly regret the company's conduct,' said Christensen president Joe Foggia in a statement released by Woods law firm.
Although the settlement amount was officially kept secret, Christensen's insurance company, St. Paul Fire and Marine Insurance Co., said in a related court action that the amount was $1.6 million.
In a lawsuit filed last week in Miami federal court, St. Paul asked a judge to order Christensen to pay the entire amount or to limit St. Paul's share to a $1 million cap cited in its policy with the shipbuilder. No hearing has been scheduled in that case.
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