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By Damilola Faustino

Johnny Depp has reached a settlement in his $25 million lawsuit against his former managers.

johnny depp

A trial was scheduled to start next month for the suit, in which Depp alleges that his representatives at the Management Group spent millions without his permission.

The Management Group filed a countersuit claiming that Depp was responsible for his own financial woes, and court documents revealed that the star spent $2 million-plus per month on wine, homes, a yacht and staff and that he paid to blast Hunter S. Thompson’s ashes from a cannon.

A trial was slated for Aug. 15, but according to reports, the two sides had reached an agreement after mediation.

Reacting to the settlement of the lawsuit, a Depp rep said: “Johnny Depp is pleased to have achieved a settlement agreement . . . The lawsuit was 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.”

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