Kyle Duffy was only five years and one of four young children in the car at the time of the accident near Swinford, Co Mayo, on December 11, 1998.
Kyle, from Castlehill Park, Castlebar, Co Mayo, also lost his grandfather in the accident.
Kyle, now aged 22, had through his father Thomas Duffy sued Gleneagle Woodcraft Ltd, Railway Yard, Oldcastle, Kells, Co Meath, as a result of the road traffic accident.
It was claimed that a vehicle owned by Gleneagle Woodcraft was driving at an excessive speed and had allegedly turned right across the roadway and directly in to the pathway of the car in which the child was travelling as a passenger.
The claims were denied.
Mr Justice Anthony Barr was told by John Jordan SC that Kyle had done extremely well despite his brain injury and had completed a degree in social studies. He said the boy had suffered an acquired brain injury as well as orthopaedic injuries in the accident.
He was taken to Mayo General Hospital after the accident and later transferred to Beaumont Hospital. He had suffered a depressed skull fracture and later had a left-sided weakness. He was discharged from the National Rehabilitation Centre in February 1999.
Counsel told the court each of Kyle’s parents had to give up their work at one stage to look after their son, but Kyle had done very well and was now an independent man who had gone on to third-level education. Counsel said Kyle has suffered a significant brain injury and while at school had needed support and help from special assistants.
Approving the settlement Mr Justice Anthony Barr said it was an excellent one and he wished Kyle well, remarking that he was a man of considerable intelligence and ability.