Back in August, it was first reported that Kanye West’s tour company, Very Good Touring, was suing the insurance company Lloyd's Of London for nearly $10 million dollars for money they never received back from some of his cancelled shows last year. Kanye and his touring company aren't getting paid because Lloyd's of London believes Kanye’s breakdown, which ended the tour early, was fueled by prescription drugs and illegal drugs and therefore was his own fault.
Then just a few weeks after that, Lloyd's Of London decided to flip the script and countersue the Very Good Touring company. Lloyd's said that insufficient information was delivered to them in order to determine whether to cover his losses or not after the tour cancellation was announced.
However it appears all that back & forth legal action has been finally put to rest. According to TMZ, Kanye & his touring company have settled the lawsuits. Lloyd’s apparently couldn't handle the pressure by Kanye’s lawyers and therefore agreed to pay most of what Kanye was due under the policy, which we know was nearly $10 million. They figured going to court was too big of a risk, especially when faced with a possible huge punitive damages award. So they decided to settle before hand.
As TMZ pointed out, this similar thing happened with Lloyd’s following the death of famed actor Heath Ledger too. Apparently Lloyd’s refused to pay Heath’s daughter after her father's death under the policy, but eventually recanted.
Now with this massive lawsuit in the rear view mirror, can we get this new album Kanye? We'll keep you posted.