Just two weeks after filing a lawsuit against Miramax investor Colony Capital and its prinicipal, Richard Nanula, embattled film financier David Bergstein has retracted his claims and reached a settlement with the film library’s owners.
“I am pleased that I was able to sit down with my counterparties in this suit, discuss our differences and resolve them,” Bergstein said in a statement issued by reps for Colony on Tuesday. “I fully retract the claims made in the lawsuit against Filmyard, Miramax, Colony Capital, Richard Nanula and Josh Grode. I’d like to thank everyone involved.”
Bergstein filed suit in Los Angeles Superior Court April 9, claiming that Miramax’s investors owed him millions of dollars and a stake in the company. Bergstein advised a consortium of investors who purchased Miramax from Disney in 2010.
“They strung me out for a long time,” Bergstein told Variety at the time. “The Miramax transaction is a transaction that I put together myself and had the deal done with Disney before Colony ever came along. And when they came along, we had a very clear agreement in place about what I was to get.”
Terms of the settlement were not disclosed, but a source with knowledge of the suit says the total figure amounted to less than $4.5 million — essentially the cost of legal fees.
“We want to recognize the contributions David made that ultimately led to Filmyard’s ownership of Miramax,” Nanula added in the statement. “Without his efforts this very successful transaction wouldn’t have happened.”