Fred Hickey initiated the case against Pat Hickey (Auctioneering) Ltd in 2017, following an alleged falling out over the running of the business.

The 49-year-old claimed to be victim to a hostile work environment, also suing his mother Sylvaine and sister Corine, who still owns shares in the company. 

He has now dropped the case, however, as reported by the Irish Independent, but declined to comment on whether it had been settled out of court. 

Patrick Hickey set up the business in 1977 and remained involved as a director until a year ago.

His son had worked there for more than 20 years, but left two years ago to set up his own company.

Patrick Hickey, who has denied wrongdoing, is facing charges of theft, tax evasion, money-laundering and criminal association after hundreds of tickets to Olympic events at Rio 2016 were seized by police.

His trial had been due to begin in Rio in November 2017, only to be suspended by the Brazilian Supreme Court, and it is now unclear when - or if - it will take place.

He returned to Ireland for medical reasons after the Association of National Olympic Committees, of which he was a vice-president, agreed to loan him money for bail.

Hickey could still return as an International Olympic Committee (IOC) member but has been replaced at both the EOC and the reformed Olympic Federation of Ireland, where he had been President from 1989 to 2016. 

The IOC Ethics Commission has still not made a decision on Hickey's status within the Olympic Movement.

Fred Hickey stood by his father in 2016, meeting with Irish Minister for Foreign Affairs and Trade Charlie Flanagan to discuss concerns for his father's well-being while he was being held in a Brazilian prison.