MUSIC NEWS: WIZ KHALIFA AND ROSTRUM RECORDS FOUNDER REACH SETTLEMENT

In May, Khalifa filed a $1 million lawsuit in Los Angeles against Mr. Grinberg, his former manager, and the Pittsburgh-based Rostrum label, challenging the 360 deal that allowed Mr. Grinberg to profit from “virtually every aspect” of the Pittsburgh rapper’s career. He is currently signed to Atlantic Records.

In June, Mr. Grinberg, who signed the rapper to Rostrum in 2005, filed a $2 million countersuit seeking unpaid royalties and earnings. The filing stated that Rostrum was to receive 15 percent of royalties the rapper earned through sales, touring and merchandising, according to Billboard.

The statement does not offer settlement details other than to say that “both parties are pleased with the outcome and look forward to putting this matter behind them.”