Newsmax and Smartmatic settle 2020 election defamation case on eve of trial

(CNN) — The cable channel Newsmax has settled a major 2020 election defamation lawsuit with Smartmatic in a last-minute agreement to avoid a high-stakes trial that posed a significant risk to the small outlet.

“Newsmax is pleased to announce it has resolved the litigation brought by Smartmatic through a confidential settlement,” the network said in a statement Thursday.

CNN has reached out to Smartmatic for comment.

Judge rules Smartmatic’s case over Newsmax 2020 election lies against will go to trial

The terms of the settlement were not immediately known. The deal comes hours after jury selection got underway in a Wilmington, Delaware, courtroom ahead of opening statements scheduled for Monday.

A loss at trial could have put Newsmax on the hook to pay tens of millions of dollars to Smartmatic, putting the small cable channel in financial peril.

“This is a case that is a bet-your-company case for Newsmax,” Howard Cooper, an attorney for the network, said at a recent pretrial hearing.

The settlement is the latest in a string of 2020 election defamation cases to reach an out-of-court agreement before trial. Fox News famously settled with Dominion Voting Systems last year for $787 million, and the far-right channel One America News settled with Smartmatic earlier this year. Both cases were also about the same 2020 election smears.

Newsmax still faces a separate defamation lawsuit over similar claims that was filed by Dominion. Newsmax denies all wrongdoing.

Voting company Smartmatic sues Fox, Giuliani for $2.7 billion over rigged election claims

This is a developing story and will be updated.

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