The City of London says an out-of-court settlement has been reached in connection with the Springbank Dam Rehabilitation Project.

As part of the settlement, the city will receive nearly $3.8 million and all lawsuits will be dropped. Still, no party admitted liability in the case.

In a statement, Mayor Matt Brown said, "After eight long years, I am so pleased to see this positive conclusion."

Mediation talks in September reportedly led to a 'settlement in principle,' with the final amount approved by council on Sept. 29.

At the request of the other parties involved, the city says further details of the settlement will remain confidential.

One of the four dam gates broke in June 2008, and hasn't operated since, prompting the city to launch a $5.5 million lawsuit to recover the cost of repairs. The trial was slated to go to court in 2016.

The city had launched suits against the Upper Thames River Conservation Authority as well as the engineer and contracting companies involved - and the city was also being counter-sued.

The city conducted an inspection of the dam over the summer to determine the degree of damage, and the mayor has promised repairs during this term of council.

There has also been much debate over whether the dam should be repaired. Some want to see the Thames River continue to return to its natural state, while others say the debate was closed 10 years ago.

The dam doesn't play a role in flood protection, but controls water levels on the Thames in the summer to allow for more recreation and make it more visually appealing.