Last year Rich (15), real name Dequantes Devontay Lamar filed a lawsuit against label bosses Think It's A Game Records, alleging they owed him $2 million in unpaid royalties.

Company executives counter-sued the 26-year-old, claiming the Flex (Ooh, Ooh, Ooh) star failed to report money earned from unauthorised music released while still under contract to the label.

According to editors at AllHipHop.com, the two parties have now settled the lawsuits, issuing a press release stating they have agreed to put their differences behind them.

In the release, the record label's Chief Executive Officer Girvan Henry states, "I am going to keep it short and sweet. We are family! We started together and we are going to finish together. It's been a long ride, but get ready for greatness. Think It's A Game!!!"

Meanwhile Rich promised that with his legal wrangles behind him, fans can expect new music later this year (16).

"I feel like LeBron James, I'm ready and looking forward to ending 2016 with a bang, my fans will not be disappointed," he says.

The rapper's father and manager adds, "I feel relieved and I am glad that it came to an end," says Corey Lamar. "I never worried about us settling, because I knew my faith and trust in God would see us through."

Rich had other things to celebrate besides the end of his legal battle over the weekend (30-31Jul16) as his 2015 single Flex (Ooh, Ooh, Ooh) was certified as double platinum by the Recording Industry Association of America (RIAA) after selling more than 2 million copies in the U.S.

Details of the settlement between the rapper and Think It's A Game Records had not been released at the time of WENN going to press.