Johnny Depp settles lawsuits involving former managers

Johnny Depp and Alice Cooper from The Hollywood Vampires perform at the 2016 Starkey Hearing Foundation

Johnny Depp has settled his $25 million lawsuit against his former business managers, The Management Group (TMG).

Sources close to The Management Group said that it is "pleased with the settlement", according to the Daily Mirror.

Johnny Depp at a London movie premiere in November.

"Both sides reached a settlement, this matter is settled".

Actor Johnny Depp performs with the Hollywood Vampires band during the Hellfest music Festival in Clisson, France, June 22, 2018.

Lawyers for The Management Group declined comment Monday.

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

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The statement concluded: "Johnny extends his most honest thanks and appreciation to the true supporters that have shown their loyalty to both him and his family over recent years".

Depp sued his business managers, attorneys Joel and Robert Mandel, for allegedly mismanaging his earnings in 16 years of overseeing his booming career.

Beverly Hills-based TMG had filed a countersuit against the Oscar-nominated actor seeking unpaid fees and damages. He said, "It's insulting to say that I spent $30,000 on wine because it was far more".

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

The news emerges shortly after Depp opened up about his dire financial situation in a candid interview with Rolling Stone magazine, revealing he fell into a deep depression in 2016 as his money issues worsened, all while fighting allegations of domestic abuse during his acrimonious divorce from his The Rum Diary co-star Amber Heard.

"By the way, it was not $3 million to shoot Hunter into the f**king sky", Depp said. He's been paid approximately $650 million. I'm just a small part of this.

The deal comes after Depp's attorney failed to get the August 15 trial delayed (which is a rare request for the plaintiff's side to make after they asked for the trial in the first place), and also after a Rolling Stone profile was published that did not portray the actor in a flattering light.

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