Michael Ovitz Settles Suit by Ex-Employee

From Bloomberg News

Michael Ovitz has settled a suit seeking as much as $10 million brought by the top executive at his shuttered Artists Management Group television unit.

Eric Tannenbaum claimed that the Hollywood agent lured him away from his job as president of Sony Corp.'s Columbia TriStar Television by falsely claiming that the TV unit had a $1-billion line of credit. The parties reached their agreement within the last two weeks, Tannenbaum’s attorney said.

A call to Ovitz’s lawyer was not immediately returned.