Kanye West has settled his lawsuit with his insurance company.
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 almost $10 million dollars for money they never received back from some of his cancelled shows past year.
Kanye's touring company Very Good Entertainment was also named in the suit. Two days later, his touring company, Very Good Touring Inc, filed the $10m (£7.1m) lawsuit against Lloyd's of London, alleging that the insurer had not fulfilled its loss claim for the tour. Lloyd's of London also alleged that there are substantial irregularities in West's medical history that is why the company can not grant him insurance benefits. 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 almost $10 million.
West's suit originally claimed that Lloyd's had neither paid the claim nor rejected it, Rolling Stone reports, and alleged that the rapper's insurers and their agents "purposely and maliciously" disseminated "privileged, private and personal information" about West to the media in order to undermine his claim. Lawyers for Lloyd's of London also denied implying that the rapper's "use of marijuana provides the sole basis to deny the claim" and said there were "substantial irregularities" in his medical history.
In the end. Lloyd's decided going to court was too risky, especially when faced with a possible huge punitive damages award.