The rapper’s company had been suing Lloyd’s of London for nearly $10m over the pay-out for a cancelled tour in 2016.
Kanye West has reached an out-of-court settlement with Lloyd’s of London in a wrangle over an insurance pay-out for a cancelled tour, centring on claims about cannabis use.
West’s company, Very Good Touring, said the London-based insurance market was refusing to pay out by alleging that drug use was responsible for the medical condition behind the cancellation.
It sued Lloyd’s in a California court for $9.9m (£7.1m), but lawyers for both sides have now said the case has been “amicably resolved”, without giving further details.
West’s lawsuit, launched in August, had detailed how he quit the tour due to his “strained, confused and erratic behaviour”, which saw him admitted to a Los Angeles psychiatric clinic in November 2016.
It set out how he had spent “hundreds of thousands of dollars” on insurance to cover the costs of cancellation but was yet to receive a payment.
The star’s lawyer Howard King dismissed the suggestion that cannabis used had led to the “serious, debilitating medical condition”.
Lloyd’s counter-sued, claiming it did not owe the musician a penny and pointing to drink and drugs clauses in its contract.
Lawyers for the insurance market also denied implying West’s “use of marijuana provides the sole basis to deny the claim” and said there were “substantial irregularities” in his medical history.
A judge in Los Angeles has now dismissed the case, after being requested to do so by both sides, and ordered each to pay their own fees and costs.