Johnny Depp settles lawsuit with former management

Johnny Depp said he wants to revert his full attention to his acting work and his band the Hollywood Vampires

Johnny Depp has reached a settlement with his former business team, who he accused of mismanaging his earnings.

Depp took action against the company in 2017 claiming $25m (£20m) over their handling of his affairs, which he said left him more than $40m (£31m) in debt.

The Management Group then counter-sued, asserting that the actor had been responsible for his own money worries due to his $2m-a-month lifestyle.

A planned trial set for 15 August will not now go ahead.

The actor is known to millions as Captain Jack Sparrow in the Pirates of the Caribbean franchise

No details have been given of the settlement but a spokesman for Depp said the actor was "pleased" with the outcome.

The statement said the lawsuit and 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."

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

His spokesman said he wanted to "revert his full attention" to his upcoming film Fantastic Beasts: The Crimes of Grindelwald, as well as to his band, the Hollywood Vampires.

In his lawsuit, Depp had accused the LA firm, run by brothers Joel and Rob Mandel, of failing to file his taxes on time and taking out high interest loans on his behalf.

Their countersuit made headlines around the world with claims of his lavish spending.

They claimed he spent more than $75m (£59.6m) on 14 homes, $3m (£2.4m) blasting author Hunter S Thompson's ashes out of a cannon and $30,000 (£23,800) a month on wine.