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Johnny Depp settles $25M suit against his business managers, avoiding potentially embarrassing trial

Johnny Depp's $25 million lawsuit against his former business managers was settled over the weekend, just weeks away from a trial that was expected to rivet the entertainment industry with conflicting claims of greed, over-the-top spending and financial incompetence.

"Representatives for Johnny Depp today announce that Mr Depp has reached a settlement agreement with his former business managers, The Management Group, following legal action taken against the company by Mr. Depp in January 2017. The terms of the settlement agreement are confidential," according to a statement issued late Monday in London by Depp's team.

The Hollywood Reporter, Variety and Deadline reported that Depp reached the settlement over the weekend following mediation, averting a trial that was set to begin next month.

Depp's statement said he was "pleased."

“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,” the statement said.

Depp also managed to promote his latest projects in his statement.

“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," the statement said.

“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.”

Calls from USA TODAY to various lawyers who have represented Depp in the case were not returned.

The Management Group's spokesman, David Shane, declined to comment to USA TODAY.

Depp sued his business managers, attorneys Joel and Robert Mandel, for allegedly mismanaging his earnings in 16 years of overseeing his booming career. Depp sought $25 million, accusing his ex-managers of fraud and negligence, of failing to pay his taxes, making unauthorized loans and overpaying for security and other services.

The Mandels then counter-sued Depp, claiming his own overspending was to blame for his money woes. They asserted he spent multiple millions on his lifestyle, allegedly including $30,000 a month on wine, and never noticed his dwindling bank account despite repeated warnings from his managers to curtail his spending.

"Depp, and Depp alone, is fully responsible for any financial turmoil he finds himself in today," the managers' lawsuit countered.

The countersuit produced scores of embarrassing headlines about how Depp allegedly frittered away his millions on such goodies as a multi-million-dollar collection of 200 paintings (Warhol, Klimt, Basquiat, Modigliani); collections of jewelry, 70 guitars and 45 luxury vehicles; an $18 million yacht; private jets rides; and $75 million for 14 real-estate acquisitions, including multiple homes in Hollywood and penthouse lofts in downtown Los Angeles, a farm in Kentucky, a chain of Caribbean islands and a chateau in France.

Later, the war of words between Depp and his former managers grew louder when the managers labeled the actor "a habitual liar" in response to Depp asserting in an interview that they "clearly let me down."

Then in June, he sat for a Rolling Stone interview that didn't help his case. The Rolling Stone story estimated that over the course of his 30-year movie career, Depp's films have made a $3.6 billion profit. He's been paid approximately $650 million. And it's almost all gone.

Plus, Depp had no idea he was behind on paying his taxes. "I just had no clue," he said in what the magazine described as "one of the few moments when he looked genuinely worried" about his financial situation.

The trial delving into this mess, scheduled to start Aug. 15 (Depp's lawyers failed to get it postponed), was likely to produce more cringe-worthy revelations that neither side would welcome.