The former Big Brother winner had alleged that the ITV2 series breached copyright, and that ITV and Lime Pictures - who make the structured reality show - reproduced a format that was originally created by him, Sassy Films and Massive TV for a show called Totally Essex.
Belo, alongside the two companies, had claimed that the concept was pitched to Lime in March and July of 2009. The show never aired, but The Only Way is Essex, which they believed was too similar in its format to Totally Essex, launched on ITV2 in 2010.
The case was due to be heard at the High Court today (October 11), but all of the parties concerned have reached an out-of-court settlement.
A joint statement which was released read: "The claim brought by Mr Belo, Sassy Films Limited and Bob Massie against Lime Pictures and ITV in relation to The Only Way is Essex has been resolved.
"The terms of the settlement are confidential."