Apparel manufacturing giant Adidas and rap star Ye(formerly Known as Kanye West) have reached an out-of-court settlement to end their ongoing legal proceedings over the Yeezy line.
Adidas announced the news in a statement on Tuesday, adding that no money was exchanged between the parties during the agreement.
“There isn’t any more open issues, and there is no… money going either way, and we both move on,” CEO Bjorn Gulden shared with reporters on a conference call, declining to give further details of the deal.
“There were tensions on many issues, and… when you put the claims on the right side, and you put the claims on the left side, both parties said we don’t need to fight anymore and withdraw all the claims,” Gulden added.
Adidas and Ye had been embroiled in multiple lawsuits for the past two years after the German company decided to end their partnership with the rapper previously known over the antisemitic rhetoric he made during several interviews.
The Yeezy line, which included sneakers and slides, was a massive hit for the company but later plummeted in value and demand following the separation and Ye’s denouncing of the brand.
Last year, Adidas confirmed part of the proceeds from sales of the heavily discounted sale Yeezy stock – would be given to charity in an attempt to offload the millions of remaining dead stock.