Johnny Depp settles lawsuits involving former managers

Hollywood star Johnny Depp has settled lawsuits with his former business managers, averting a trial that was set to begin next month.

The 55-year-old actor sued his former managers in January 2017, accusing them of spending millions of dollars without his permission. Depp sought USD 25 million in damages, including years worth of professional fees.

The Management Group (TMG), led by Joel and Robert Mandel, filed a countersuit alleging that Depp was responsible for his own financial straits, and documenting millions of dollars of expenditures on wine, luxury homes, household staff, art, private jets, security, and a cannon to blast Hunter Thompson's ashes.

According to Variety, the terms of the settlement were not disclosed.

"Johnny Depp is pleased to have achieved a settlement agreement with The Management Group following the legal action he took against the company in January 2017.

"The lawsuit taken out against The Management Group and the subsequent settlement is a further demonstration that Johnny is determined to take firm action to protect his personal and artistic reputation in the interests of his family and his career," a Depp spokesperson said in a statement.

As per the sources TMG was pleased with the outcome.

The trial was scheduled for August 15. The two sides had a mediation over the weekend with Peter Lichtman, a retired judge who serves as an arbitrator.

Depp still has a pending suit against Jake Bloom, his former attorney whom he accused of malpractice.