Johnny Depp and his former business managers have ended a contentious lawsuit that saw the details of the star’s financial expenditures laid bare.

Ahead of the August 15 start of the trail, Depp and TMG settled the suit in a mediation meeting on Friday, PEOPLE confirms. It ended a year and a half of claims made by both the star and his former managers that captivated headlines.

“Johnny Depp is pleased to have achieved a settlement agreement with The Management Group following the legal action he took against the company in January 2017,” an attorney for Depp says in a statement to PEOPLE. “The lawsuit taken out against The Management Group ­and the subsequent settlement is a further demonstration that Johnny is determined to take firm action to protect his personal and artistic reputation in the interests of his family and his career.”

The statement continued, “Following the settlement, Johnny is pleased to be able to revert his full attention to his ongoing artistic endeavors, notably the second leg of the sold-out Hollywood Vampires global tour and the exciting launch of JK Rowling’s Fantastic Beasts: The Crimes of Grindelwald, which will be released in theaters in November this year. Johnny extends his most sincere thanks and appreciation to the true supporters that have shown their loyalty to both him and his family over recent years.”

The Pirates of the Caribbean star sued his former business team at The Management Group (TMG) for $25 million in a fraud lawsuit in January 2017. TMG fired back with a cross-complaint the next month, claiming the actor lived an “ultra-extravagant lifestyle that often knowingly cost Depp in excess of $2 million per month to maintain, which he simply could not afford.”

Depp claimed in his initial complaint that his managers’ negligence had cost him millions, but in their response, TMG painted him as a compulsive spender who blew his $650 million fortune on mansions, yachts, cars, collectables and booze.

The actor attempted to set the record straight on his spending in an expansive interview with Rolling Stone last month, where he upped the figures on some of the spending claims made by TMG.

“It’s insulting to say that I spent $30,000 on wine,” Depp said, referring to the suit alleging that the actor spent that much on wine a month. “Because it was far more.”

He also took issue with another TMG claim concerning the cost of shooting his friend and famed journalist Hunter S. Thompson’s ashes out of a cannon. TMG claimed the send-off cost $3 million, but Depp puts the figure a tad higher.

“By the way, it was not $3 million to shoot Hunter into the f—– sky,” Depp corrected. “It was $5 million.”

In the end, Depp admitted the legal battle had taken a personal toll. “My son had to hear about how his old man lost all his money from kids at school, that’s not right,” he complained.