Johnny Depp and his former managers have finally settled.
Recall that their legal battles started last year, when the actor sued his former business managers for $25 million over allegations of fraud and mismanagement. The Management Group(TMG) replied the lawsuit by priving evidence that the actor and his team were well aware of financial situation even before he learned about his $40 million debt.
“Depp wants to deny this discovery because it will establish that TMG did everything within its power to make Depp, and all of his closest advisors, fully aware of Depp’s financial condition. If TMG was trying to hide Depp’s finances to cover-up their alleged misconduct, they would not have repeatedly advised Depp’s long-term personal lawyer, Jake Bloom, and his longtime agent, Tracey Jacobs, regarding the situation,” TMG said in a statement shared by E! News.
Now, the media house has confirmed that the parties have resolved their differences and settled $25 million fraud lawsuit, one month before trial was set to begin.
“Both sides reached a settlement, this matter is settled. TMG and the team are very happy,” said an insider close to the situation to E! News.
However, details of this supposed settlement had yet to be made public as at press time.