Franco's former managers settle suit
James Franco's former managers do not admit fault over embezzlement claims.
Franco was represented by Miles Levy for nearly two decades before splitting from his firm in September 2013 after allegedly discovering financial impropriety.
Entertainment Weekly reports Levy’s former business partner, Randy James, as well as Franco’s adviser, Ken Jacobson, filed suit on April 18 against Levy and financial manager Steve Blatt, claiming the defendants “conspired to, and did by fraudulent means, embezzle significant sums in commissions”.
According to the lawsuit, Levy told James the actor’s commission would be dropping from 15 to 10 per cent. The five per cent difference was then diverted into a corporation formed by the defendants “for the sole purpose of facilitating this theft”, it was claimed.
Levy and Blatt filed a counter-suit.
According to a statement from the James Levy Management co-founders obtained by the Deadline on Tuesday, however, the lawsuits have been “amicably settled” by all parties, with “no side admitting fault”.
“There has been publicity over this lawsuit, and certain reports have been published. As a result of the dispute between the parties, the parties wish to make clear that no client money was ever at risk, and no client has lost anything as a result of the facts giving rise to this dispute. This was an internal dispute and that dispute has now been resolved to everyone’s satisfaction,” the statement continued.
According to Deadline, James Levy Management has been dissolved.
Randy James has reportedly now started his own management firm, with clients including Jennie Garth and High School Musical star Corbin Bleu.
James was not directly involved in the filings.
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