Settlement paves way for Floyd-Pac
According to Malcolm LaVergne, a lawyer representing Mayweather's father in the case, the matter has been resolved with both parties agreeing to pay their own costs.
"The matter has been resolved," said LaVergne. "Any alleged terms of the resolution would be strictly confidential. Floyd Mayweather Sr is very happy that this lengthy case has finally come to a conclusion."
Pacquiao filed a lawsuit in December 2009 seeking damages after he alleged Mayweather had suggested he had used performance-enhancing substances.
In a statement released through the mediator in the case the Mayweathers said they "wish to make it clear that they never intended to claim that Manny Pacquiao has used or is using any performance-enhancing drugs, nor are they aware of any evidence that Manny Pacquiao has used performance-enhancing drugs."
US District Judge Larry Hicks last week ordered Mayweather to pay Pacquiao more than $100,000 in legal fees and court costs for failing to attend a court-ordered deposition last year.