A Louisiana movie investor has agreed to dismiss pop singer Madonna from a lawsuit that accuses a film production company she founded of failing to repay the investor’s loans.
Madonna’s dismissal from the suit is part of a settlement outlined in court papers filed on Thursday. Financial terms of the settlement aren’t disclosed in the filing.
Madonna’s lawyers have said she wasn’t involved in any of the contracts that Baton Rouge investor Jay Dykes Jr. allegedly signed with Maverick Films.
Dykes’ suit claims that Maverick Films failed to repay hundreds of thousands of dollars in loans or give him producer credits for movies he says he helped finance.
Madonna and her manager, Guy Oseary, founded Maverick Films in 2001, but she later divested her stake in the company, the Associated Press reports.