Roger Clemens arrives at federal court in New York on...

Roger Clemens arrives at federal court in New York on Tuesday, April 29, 2014. Clemens is fighting a federal judge's order to share documents with his accuser in a defamation case. Credit: AP / Seth Wenig

Former Yankees righthander Roger Clemens reached a financial settlement Wednesday with his former personal trainer Brian McNamee in the defamation lawsuit that began seven years ago.

"This puts an end to the McNamee-Clemens saga," said Earl Ward, one of McNamee's attorneys.

The settlement, which was reached after a three-hour conference behind closed doors in Brooklyn federal court, includes no financial contribution from Clemens, lawyers for both Clemens and McNamee said. The suit was set to go to trial in October.

The actual settlement amount, which was not revealed, will be paid by AIG, which is Clemens' homeowners insurance, Clemens attorney Chip Babcock said. He said it's standard for homeowners policies to include coverage for defamation lawsuits.

"No one disputes insurance paid for it," McNamee attorney Richard Emery said.

Clemens was not present in court Wednesday and Babcock said the pitcher did not have authority over the settlement negotiations, which were between McNamee and the insurance company.

"Clemens was a bystander, if you will, in the settlement," Emery said, "but it does get him off the hook from going to trial in October."

McNamee, of Long Beach, sued Clemens for defamation in 2008, saying the pitcher slandered him by saying his former trainer lied about having injected the pitcher with PEDs in 1998, 2000 and 2001.

Clemens denied the accusations, including under oath before Congress, and in 2012 was acquitted of perjury and obstruction charges that stemmed from his denials.

McNamee, on his way out of court Wednesday, said only that he has "a lot of things to digest."

He was the government's key witness, taking the stand for five days in Clemens' criminal trial.

The agreement was formally introduced in court before U.S. District magistrate judge Cheryl Pollak, who presided over the negotiations. McNamee's lawyers said papers need to be signed and filed with the court before everything is finalized.

"This allows Brian and everyone else in this saga to move on to the next chapter," Emery said. "It's high time. This is old news."

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