Johnny Depp has reached a settlement with his former business managers, his representatives said Monday, allowing the Oscar-nominated American actor to avoid a trial over his finances that promised paparazzi fervor.
A spokesperson said Depp, 55, was “pleased” with the confidential agreement reached with The Management Group, the company that handled his business affairs for nearly two decades.
He had sued the organisation in January 2017 for $25 million, accusing TMG of mismanaging his finances, taking out loans without his approval, and concealing his ruinous finances.
Beverly Hills-based TMG had filed a countersuit against the Oscar-nominated actor seeking unpaid fees and damages. The group alleged Depp’s lavish overspending had brought him to the edge of financial ruin, having dropped millions on a yacht, luxury cars, private planes and wine.
The agreement comes just before the trial was due to begin in August.
“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,” Depp’s spokesperson said in the statement announcing the deal.
According to the magazine Rolling Stone, Depp’s estimated $650-million fortune has nearly all evaporated.
Depp and actress Amber Heard, 32, reached an out-of-court settlement in 2016 to end their 18-month marriage, agreeing that he would pay her $7 million.