BENTONVILLE, Arkansas: Former Wal-Mart marketing and communications svp Julie Roehm (pictured), whose firing eleven months ago triggered a flurry of lawsuits and lurid allegations, has withdrawn her action against the retail giant for wrongful dismissal.

Roehm's decision has resulted in US businessman Irwin Jacobs dropping a defamation suit against her. She had claimed that Wal-Mart ceo Lee Scott obtained "a number of yachts" and "a large pink diamond" at preferential prices from Jacobs.

This outbreak of peace has led to Wal-Mart also withdrawing its counter-claim against Roehm, who declared she had been influenced by a "recent exchange of information between her lawyers and those for Wal-Mart and Irwin Jacobs".

She acknowledged that certain allegations she made about the retailer's relationship with Jacobs were inaccurate.

Roehm added: "I have decided to accept Wal-Mart's decision to terminate my employment and move on. I am not receiving any money or other compensation to settle my case."

Data sourced from Wall Street Journal Online; additional content by WARC staff