Damon Dash has dropped his $5 million legal battle with Lee Daniels.

Lee Daniels

Lee Daniels

In June, the Roc-A-Fella Records co-founder had sued Daniels accusing him of breach of contract over the Richard Pryor biopic they were working on together.

In the papers, Dash claimed that an agreement made between the pair in 2015 confirmed he would get a co-executive producing credit on the Pryor project, and then five per cent of the profits that Daniels would eventually earn from it.

Dash, 47, also alleged that Daniels, 58, did not make any effort to fulfill his obligations and he also deliberately kept information from him about the entertainment endeavour which constituted a breach of contract.

According to website The Blast, court documents filed in New York this week on Monday (26.11.18) now state that Dash and Daniels have reached an agreement to discontinue all claims with prejudice, meaning the lawsuit cannot be refiled in the future, which suggests that Dash has received a financial settlement.

It is not the first legal dispute between the pair, back in 2014 Dash sued Daniels for $25 million over a dispute involving the ownership rights to films 'Precious' and 'The Butler' and the television show 'Empire'.

The music mogul claimed to have loaned the director $2 million in 2004, in exchange for rights to some his films and shows.

Despite the legal dispute, the Richard Pryor biopic is going ahead with Daniels on board.

The biopic - entitled 'Richard Pryor: Is It Something I Said' - will detail how the star broke into the business in the early 60s and had become one of the world's biggest stand-up comedians by the early 70s.

He then broke into Hollywood starring in numerous hit comedy films and appearing in several hits with Gene Wilder, including 'Stir Crazy', 'See No Evil, Hear No Evil' and 'Silver Streak'.

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