Lord Ahmed, 55, was freed by the Court of Appeal after serving 16 days of his 12-week prison sentence in 2009 for dangerous driving.
The Pakistan-born property developer later supported an AA/Populus poll into mobile phone use among motorists, saying he had "learnt the hard way" about the problem.
The peer was suspended from the Labour Party for three months last year over reports he offered a $10 million (£6.7 million) "bounty" for the capture of Barack Obama and George Bush.
Lord Ahmed denied having made the comments, published in a Pakistani newspaper, and was reinstated after an investigation by Labour Lords Chief Whip Lord Bassam.
More top news
Manchester City's owners have sold a 13 per cent stake in the club's parent company to Chinese investors.
The Bank of England warns lenders they must set aside cash for when the next crisis hits - but it could lead to rising rates for borrowers.
A Russian army deserter was detained by police after he was found in a makeshift shelter in a forest where he had been hiding for 11 years.