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If the case settles, the implied undertaking prevails in full

This book was written by Michael Dew, a Vancouver lawyer who practices civil litigation, including assisting persons who have been denied insurance coverage by insurance companies, and persons dealing with builders lien issues.
If the action settles before information subject to the implied undertaking is disclosed in court, the undertaking will remain in effect with respect to that information: 
The fact that the settlement has rendered the discovery moot does not mean the [disclosing party’s] privacy interest is also moot.  The undertaking continues to bind.
(Juman v. Doucette, 2008 SCC 8 at para. 51).
The undertaking is essentially perpetual: it survives the resolution of the litigation in which the discovery was made. The restriction can be modified only by court order or with the consent of the party with whom the material originates.
(British Columbia v. Tekavec, 2012 BCSC 1348 at para. 11).