Johnny Depp settles feud with former managers

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

Hollywood actor Johnny Depp has reached a settlement in his legal battle with the Management Group, averting a trial that was set to begin next month. Depp sued his former managers in January 2017, accusing them of spending millions of dollars without his permission. He sought $25 million in damages, including years worth of professional fees.

The Management Group, 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 expenditure on wines, luxury homes, household staff, art, private jets, security and a cannon to blast Hunter Thompson's ashes. The terms of the settlement were not disclosed, reports variety.com.

"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," Depp's spokesperson said in a statement.

"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," the spokesperson added.

The trial was scheduled for August 15. The two sides had a mediation 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.

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