The legal process by which one is deprived of liberty requires that the accused be accorded due process. At the same time, there is a reason why arrests, charges etc. are reported on (i.e. not subject to a gag order) until final disposition. That is because until the (sometimes lengthy) legal process is concluded, the public has a right to know that a person is being accused of something. Particularly if it is a serious charge.
If it turns out to be false, this is unfair to the accused. If it turns out to be true, not reporting it is unfair to society at large, particularly to potential other victims, in the interim. Particularly if the accused is at large. The way society normally attempts to resolve this dilemna is by reporting as much as possible, including "mere" charges, while noting that these are charges and allegations that have not been upheld in court. For example, by adding "alleged" until final disposition of the case in a court of law. And if charges haven't been filed, by sourcing the allegations as much as possible - and reporting on those sources, to allow the reader to come to an informed conclusion.
And libel laws are still there. And if, as is being stated the accused has lawyer friends who can advise him as to how to enforce those libel laws, power to him.
But all too often, "I'm a lawyer!" and "I'll sue!" are empty threats used to suppress meaningful and valuable information from the public. Or, failing that, at least to muddy the waters. That's why a casual observer who follows up on this case, can be forgiven for not taking this seriously.
If you think this is libel, and are a lawyer to boot, shut up and sue. Or just shut up. Don't litigate it in an internet forum. It does no good for (your friend/your client/your self - whoever you truly are), and makes you sound stupid.
Especially when you say stuff like "justice has been served", when anyone following the facts of the case see clearly that in the event that even part of the allegations are true, justice has most definitely not been served.
If you have facts to contribute, contribute them and leave it at that. Otherwise, you sound like a sleazy PR guy.
END OF RANT CONSIDERED OPINION