Terms of the settlement weren't disclosed.
It was reported that the settlement had been reached two weeks ago when Mr. Hayes withdrew the suit after an agreement was reached that both sides found acceptable. The suit had been scheduled to go to trial next month.
Two years ago, Mr. Hayes, then 54, filed papers in New York State Supreme Court alleging that, since arriving the previous fall, Universal McCann's new worldwide CEO, Nick Brien, "value[d] youth instead of experience and desired younger persons in place of older persons and acted upon his discriminatory preference by terminating older persons, because of their age."
Mr. Brien is now the CEO of Mediabrands, overseeing Interpublic's media agenies UM and Initiative.