A lawsuit between two childhood friends who became co-founders of a talent management firm has been amicably settled. The original suit, brought in part by Randy James of James/Levy Management, claimed that Miles Levy, who was James Franco‘s recently-fired talent and financial manager, colluded to embezzle commissions from the actor for nearly a decade.
Levy had recently been fired by Franco when the suit was filed in April. The suit claimed that Levy told James that Franco’s management commission would be reduced from 15 percent to 10 percent. However, it further alleged that Franco did continue to pay the full 15 percent, with Levy keeping the difference for himself.
James and Levy came together with a joint statement to announce that the dispute had been settled, with no side admitting fault. The statement went on to clarify that “no client money was ever at risk” or lost. It does not specify any details of the settlement, nor does it provide clarification on the alleged embezzlement.
The full release reads: “The litigation between Randy James and Miles Levy has been amicably settled by the 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.”
Pamela Chelin contributed to this report.