Actor Settles Lawsuit with Former Business Managers

posted by City News Service - 

LOS ANGELES (CNS) - Johnny Depp and his former business managers settled his lawsuit in which he alleged they mishandled his finances, a representative for the actor confirmed today.

Depp, 55, sued The Management Group in January 2017, alleging the firm collected $28 million in contingent fees he never agreed to. The actor additionally alleged TMG consistently failed to file or pay his taxes on time, failed to keep proper books and loaned nearly $10 million of his money to third parties without authorization.

The company denied any wrongdoing and maintained it did everything it could to handle Depp's finances responsibly while advising him that he was overspending.

No settlement terms were divulged.

“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 representative 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.”

Depp, perhaps best known for his work in the “Pirates of the Caribbean” films, had sought $25 million in damages, alleging that mismanagement by the company was so extensive that he was faced with selling some of his assets to pay for the losses. He claimed the poor oversight included the failure to pay the actor's income taxes on time from 2000-14, which resulted in $5.6 million in penalties.

Photo: Getty Images

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