The young defender signed for Paul Jewell's men in July but the two clubs weren't able to come to an agreement on his value. Rovers chairman Peter Johnson said he was happy with the judgement.
"Although it didn't meet our expectations I am pleased with the result of the tribunal."
As well as an initial £240,000 payment, there were other clauses in the deal;
. An additional £45,000 if Cresswell makes 15, 30, 45 and then 60 appearances for the Tractor Boys.
. An additional £100,000 if Ipswich Town are promoted to the Premier League, either this season, the 2012/13 season or the 2013/14 season.
. A 20% sell on fee taken from any profit made on the player.
Cresswell has featured in all of Ipswich Town's game this season.
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