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Lee Daniels and Damon Dash settle $25 million lawsuit

MOVING FORWARD: Damon Dash and Lee Daniels

EMPIRE CREATOR Lee Daniels and music mogul Damon Dash appear to have settled a $25million legal dispute and are set to collaborate on a brand new project.

Dash, who founded Roc-A-Fella Records with Jay Z, insists he gave the Oscar-nominated director a $2 million loan to help produce 2004 project, The Woodsman.

In return for the capital, he was promised an executive producer credit, 50 per cent rights of the film and a guarantee that the investment would be repaid with interest.

Dash also claims he brought on artists such as Kanye West to perform at venues where the film’s adverts would run to help with promotion.

Instead of repayment, the entrepreneur claims he was offered a new deal from Daniels where he would roll over the debt to other projects he was working on, such as the 2005 film Shadowboxer.

Dash accepted his offer and demanded credits, ownership and compensation. He argued Daniel’s most recent works also fell under their contractual agreement.

In August 2014, Dash filed a $25 million lawsuit at the New York Supreme Court against Daniels claiming a stake of entitlement in works such as Precious, The Butler and, more recently, popular FOX series, Empire.

On Wednesday (April 8), both parties filed papers dismissing the lawsuit.

According to The Hollywood Reporter, Dash’s legal representative Natraj Bhushan said it was a "creative” and “fair" settlement that "calls for them to work together in the not-so-distant future".

He then said he couldn't offer any specific details given a confidentiality provision.

Since reconciling, Dash took to his Instagram account to make the announcement that Daniels would be executive producing his latest project.

He wrote: “Pause we squashed are beef...never wanna have a problem with another man from our culture...business is a ruff sport but yeah we worked it out...stay tuned.”

He also revealed he can finally watch The Butler and Empire after previously boycotting the projects.

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