An economics professor is to donate an out-of-court settlement he received following a libel suit to academic research. Professor Steven Cheung Ng-sheong, head of the University of Hong Kong's School of Economics and Finance, and Eastweek Publishers yesterday told Mr Justice Raymond Sears of the High Court that he would not have to hear a retrial of the case, due to begin yesterday morning, as the matter had been settled. In 1993, Eastweek magazine had accused Professor Cheung of missing lectures and of not attending a departmental photo-shoot. Professor Cheung sued for libel and was awarded $2.4 million. On October 20, 1995, the award was overturned in the Court of Appeal, but the professor fought for a new case to be heard. Before the new case was due to begin yesterday, the court heard an undisclosed settlement had been agreed on. Martin Lee QC, for Professor Cheung, said: 'Professor Cheung has never desired to make money out of this action, which he commenced solely for the purpose of vindicating his reputation.' Mr Lee said the professor 'wished to say publicly that there is no truth whatever in the suggestion that he failed to give any lecture or that he refused to take a group photograph with the students of his faculty'.