Johnny Depp Settles $25 Million Lawsuit With Former Managers

Published on July 17, 2018.

Press Association

Amid reports that Johnny Depp’s legal and financial problems were becoming insurmountable, he has had seen at least a little progress in one major area.

According to multiple outlets, the actor has settled his $25 million fraud lawsuit with his former business managers one month before the trial was slated to start in the case. Although details have not been made available, a source told E! News, “Both sides reached a settlement, this matter is settled. TMG and the team are very happy.”

“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,” a Depp 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.”

As previously reported, Depp sued his former business managers from The Management Group (TMG) back in January 2017 for allegedly spending millions of dollars without his knowledge. After Depp filed his $25 million suit, TMG responded with a countersuit, claiming that Depp was made very well aware about the financial issues he had, but they claim he had a “spending problem” and did not pay attention as things began to get worse and worse financially.

Just recently, Rolling Stone shocked Depp fans with an in-depth and personal profile on the actor, describing his financial fall and his personal problems, however with the lawsuit settled, Depp’s spokesperson said that the actor is simply looking ahead to his upcoming projects which includes the lead role of Grindelwald in the Fantastic Beasts sequel.

“Following the settlement, Johnny is pleased to be able to revert his full attention to his ongoing artistic endeavors, notably the second leg of the sold-out Hollywood Vampires global tour and the exciting launch of JK Rowling’s Fantastic Beasts: The Crimes of Grindelwald, which will be released in theaters in November this year. Johnny extends his most sincere thanks and appreciation to the true supporters that have shown their loyalty to both him and his family over recent years.”