Crikey, that was a little bit fast, wasn't it? Only an hour ago we brought you the news that a divorce settlement between Tom Cruise and Katie Holmes was to be expected very soon and BOOM - here we have it!

In a statement just released to ET Katie's lawyer Jonathan Wolfe explains that his client's case has now been settled.

"The case has been settled and the agreement has been signed. We are thrilled for Katie and her family and are excited to watch as she embarks on the next chapter of her life. This result could not have been achieved without the hard work of my partner Gary Skoloff and our co-counsel Allan Mayefsky, Michael Mosberg and Larry Trachtenberg of Aronson Mayefsky and Sloan and Peter Walzer and Chris Melcher of Walzer & Melcher in California. We thank Tom's counsel for their professionalism and diligence that helped bring about this speedy resolution."

While this doesn't go into the intricate dealings of this case, the former couple did release an earlier statement regarding their six-year-old child, Suri.

"We are committed to working together as parents to accomplishing what is in our daughter Suri's best interests. We want to keep matters affecting our family private and express our respect for each other's commitment to each of our respective beliefs and support each other's roles as parents."

We'll tell you more as and when we have it...

UPDATE__________________________________________________________________________

Tom Cruise's lawyer Bert Fields just told celebrity gossip news site TMZ the following,

"The Tom Cruise-Katie Holmes case has been settled with a signed agreement.  Tom is really pleased we got there, and so am I."

Still no word on who gets custody of Suri