James Franco’s Warring Former Managers Settle Commission Skimming LawsuitThree months after principals from James Franco’s former management company went to the legal barricades against the actor’s ex-rep and his ex-financial adviser for fraud and a litany of other claims, former partners Miles Levy and Randy James have come to an agreement. “The litigation between Randy James and Miles Levy has been amicably settled by the parties, with no side admitting fault,” said the James Levy Management co-founders in a joint statement today. In a multi-claim complaint filed on April 18, James and former company director Ken Jacobson claimed that since 2006 Levy had been skimming a third of the 15% that long time client Franco had been paying in commissions to the Burbank-based management company. Now that’s all old news. “There has been publicity over this lawsuit, and certain reports have been published.  As a result of the dispute between the parties, the parties wish to make clear that no client money was ever at risk, and no client has lost anything as a result of the facts giving rise to this dispute. This was an internal dispute and that dispute has now been resolved to everyone’s satisfaction,” the statement today added.

Additionally, I’ve learned that James has now started his own company Randy James Management. All of his JLM clients, such as Rachael Leigh Cook, Corbin Bernsen, Jennie Garth and High School Musical’s Corbin Bleu are continuing with him under this new banner now. JLM is totally shuttered and  the 28-year business partnership between James and Levy  is over as this case is. The filing in April claimed that it was Franco’s own discovery of financial impropriety that led to the still CAA-repped actor parting ways in September 2013 with Levy, his manager of almost two decades.

Alleging breach of contract, fraud and unjust enrichment among other claims, James and Jacobson also went after major Hollywood financial management firm Tanner Mainstain Blatt Glynn & Johnson LLP partner Steve Blatt in their lawsuit this spring They sought for unspecified compensatory, exemplary and punitive damages. The financial firm responded in a counterclaim filing  just hours later that “JLM, the management company, was rife with internal mismanagement, surreptitious behavior, duplicitousness and questionable ethical acts.” Since the suit was filed, Blatt has left Tanner.

The plaintiffs James and Jacobson are represented in the case by Devin McRae and Michael Jones of LA firm Early Sullivan Wright Gizer & McRae LLP.

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