But, of course, I'm an actual lawyer with extensive litigation experience so my answer might not mirror the majority of internet hysteria society.

But the point of a defamation suit is to get monetary damages, not to "clear one's name" as you stated. And Talib would collect that from Turtleboy since the Plaintiff is the party that collects damages (unless a defendant can prove the suit was frivolous and collect attorney's fees).

And an out-of-court settlement is how the vast majority of civil suits conclude (especially those that make it past summary judgment).