Record producer Scott Storch's breach of contract lawsuit has reportedly been dismissed.
The hitmaker, who enjoyed huge success in the early 2000s, filed for bankruptcy for a second time last year (15) after allegedly spending his estimated $70 million (£48.4 million) fortune.
Brad and Seth Cohen claimed Storch reportedly entered into an agreement to fund his comeback last year (15), and according to a lawsuit filed in Florida federal court in January (16), they gave him more than $1 million (£692,000), a weekly salary, a Rolls-Royce Ghost and a rental house in Parkland, Florida to get him started.
However, they claimed Storch "(was) back to his old ways and (was) not someone to trust with any monies."
In December (15), Storch's lawyer, Richard Wolfe, hit back at the Cohens' allegations and claimed the agreement was invalid because of a lack of consideration, vagueness in terms, and misrepresentations, according to The Hollywood Reporter. He also demanded the Cohens stop exploiting Storch's intellectual property, but they insisted the agreement was valid and they had a clause stating the 42-year-old had to forfeit the property.
They were seeking damages for breach of contract, breach of fiduciary duty, fraud, unjust enrichment and injunctive relief. However, a confidential settlement has been reached in the $4 million ($£2.8 million) lawsuit and the case was dismissed earlier this month (May16).
"They dismissed the case with prejudice, and assigned Scott all of his assets," Storch's lawyer tells Bossip.com. "It's what you'd call compete victory. We wish the Cohens well."
"(I have) no comment, other than that the parties have peacefully resolved all prior disputes," the Cohens' lawyer, Darren Heitner, writes in an email.