US TV network Newsmax has agreed to pay $67m (£50m) to settle a defamation lawsuit filed by a voting machine company over false claims it rigged the 2020 US election against President Donald Trump.

Dominion, which filed the case in 2021, had accused Newsmax of broadcasting "verifiably false lies" following President Joe Biden's victory, causing "devastating economic harm" to the firm.

The conservative network announced on Monday that it had settled, but maintained its coverage was fair and balanced.

Dominion, which had sought £1.6bn in damages, said it was "pleased to have settled this matter". The Denver-based firm filed similar lawsuits in the aftermath of the 2020 election.

Delaware Superior Court Judge Eric Davis had already ruled in this case that Newsmax did defame Dominion.

But the judge left it to a jury to determine whether Newsmax acted with malice, and how much in damages to award. The trial had been due to begin in October.

Newsmax said it chose to settle because it argued the proceedings were unfair.

"From the very beginning, Judge Davis ruled in ways that strongly favored the plaintiffs and limited Newsmax's ability to defend itself," Newsmax said.

The network said a "pattern of judicial rulings" had denied Newsmax due process and "left the company to believe it would not receive a fair trial".

The Delaware Superior Court declined to comment.

Newsmax said it stood by its coverage of the 2020 election, adding it believed it was "critically important for the American people to hear both sides of the election disputes".

The TV network also paid $40m last year to settle a defamation lawsuit from another voting machine company, Smartmatic.

In 2023, Fox News agreed to pay $787.5m over similar allegations from Dominion that the network had spread false claims about the vote being rigged against Trump.

Falsehoods about the 2020 vote being stolen from President Trump were widespread following the election.

Trump attacked Dominion after the ballot, falsely claiming that it rigged the election to favour winner Biden.

Accusations ranged from the deletion of votes to inappropriate influence over the company by his political opponents.

Newsmax said payments to Dominion would be made in three instalments, starting with $27m that was paid on Friday.

Some $20m will be paid on 15 January and another on 15 January 2027. The company said it would be paid from its revenue.

Newsmax stock rose around 15% on the New York Stock Exchange on Monday following the filing.

On Monday, Trump said on social media he would move to get rid of mail-in ballots as well as "seriously controversial" voting machines. He did not identify voting machines from any particular company.