The duo took legal action after Renault issued a statement in September last year in which they claimed the Piquets had lied about the events surrounding the 2008 Singapore Grand Prix, further suggesting there had been an attempt to blackmail the team. The statement was issued after Piquet Jr had suggested that, at the behest of Renault, he deliberately crashed his car to help then team-mate Fernando Alonso win that race.
At an extraordinary meeting of the World Motor Sport Council that followed, Renault were given a two-year suspended ban from F1 due to the "unparalleled severity" of the case. That judgment allowed the Piquets to pursue Renault through the courts, resulting in yesterday's verdict.
A Renault spokesman said: "We would like to apologise unreservedly to Mr Piquet Junior and his father. We have agreed to pay them substantial damages for libel as well as their costs, and have undertaken not to repeat the allegations at any time."