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Those involved remain tight-lipped over the circumstances leading up to the dispute, but it is understood the matter escalated over a possible staff appointment.
OUSA general manager Darel Hall said a resolution between OUSA and Callum Fredric was reached on Friday, which involved him stepping down as editor.
Asked if the resolution involved a payout, he said: ''I can't discuss any of the details. All I can say it that it was mutually agreed and satisfactory to both parties.''
He would also not discuss the details that led up to the employment dispute, but said Mr Fredric was not escorted from the office by police on May 7 as previously reported. Instead, police, after being called to the office, asked Mr Fredric to leave and he obliged.
Mr Hall would be involved in appointing a new editor and had just finished putting together a revised job description, with a new editor to be appointed for next semester.
He declined to say what changes had been made to the job description, but said there had been a ''few minor changes in emphasis''.
Acting editor Sam McChesney, who has taken on the role for the two issues since Mr Fredric left, said staff at the magazine were relieved the dispute had been resolved.
''I think everyone's relieved to get a bit more clarity around Critic, and relieved to be able to put this behind us.''
He would continue as editor for next week's issue, which was the last of the semester, and was yet to decide if he would apply for the permanent position.
He referred any comment on the circumstances leading up to the dispute to Mr Hall.
Mr Fredric said yesterday he was unable to comment.