Dominion-Fox News updates: Settlement reached for $787.5 million

"Truth matters. Lies have consequences," said Justin Nelson, an attorney for Dominion Voting Systems, as he announced details of the company's settlement with Fox News during a press conference following the court's adjournment.

"Today's settlement of $787,500,000 represents vindication and accountability," Nelson said. "Today represents a ringing endorsement for truth and for democracy."

Dominion had sued Fox for $1.6 billion.

The CEO of Dominion, John Poulos, called it an "historic settlement."

"Throughout this process, we have sought accountability," Poulos said. "Truthful reporting in the media is essential to democracy."

"We are pleased to have reached a settlement of our dispute with Dominion Voting Systems," Fox News officials said in a statement after an agreement had been reached. "We acknowledge the Court's rulings finding certain claims about Dominion to be false. This settlement reflects FOX's continued commitment to the highest journalistic standards."

"We are hopeful that our decision to resolve this dispute with Dominion amicably, instead of the acrimony of a divisive trial, allows the country to move forward from these issues," the statement said.

A settlement has been reached in Dominion Voting Systems' defamation lawsuit against Fox News, Judge Eric Davis has announced in the courtroom.

"The parties have resolved their case," the judge said.

"We wish to express our deepest appreciation" to the court, a Dominion attorney told the judge.

Davis commended both teams, saying, "I've been on the bench since 2010 ... and I think this is the best lawyering I've had, ever."

Terms of the settlement were not disclosed before court was adjourned.

A press conference was expected to follow.

Opening statements were scheduled to get underway at 1:30 p.m. ET, but have yet to begin.

No word has been provided regarding the cause of the delay.

Neither Judge Eric Davis nor the jury are in the courtroom during the delay.