A Northern Territory woman says she hopes she can rebuild her reputation after Melbourne's Age newspaper paid her $430,000 for a defamatory article published in November, 2000.

Lawyers for Jan Ross-Manley and The Age newspaper have informed the Northern Territory Supreme Court that an agreement had been reached.

The article related to Ms Ross-Manley's management of an Aboriginal art dealership in central Australia which went bankrupt.

"[I'm] very pleased that my reputation has been vindicated and hopefully this settlement and this outcome will go a good deal to restoring my reputation within the arts industry, specifically the Australian Aboriginal arts industry," she said.

"It was a very one-sided representation of events in Aboriginal communities in the Aboriginal arts industry, where the journalist didn't do proper research and unfortunately the newspaper is paying the cost now," she said.

Justice Trevor Riley congratulated the parties for reaching an agreement saying matters are always better settled without the court.