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"The case has been settled in principle," said Jay-Z's attorney Peter Raymond. "We have agreed on the outlines of a settlement and need to reduce it to writing."
Ortiz has actually been trying to settle as far as back as June 2010. Then, the baseball giant basically admitted to biting Jay's club concept after visiting his flagship Manhattan location and trying to duplicate its successes and branding in his home country. He admitted wrong-doing, but wished to settle for a smaller amount without going to trial.
Judge Richard Berman also urged a settlement over a full-blown trial between the two parties that could have easily turned into a media frenzy. "Sounds like a sensible outcome," he wrote in a memo filed in Manhattan District Court.
While terms of the settlement are unknown, the suit was for $5 million in damages. According to the filings, the lawsuit will be officially dismissed 30 days after the full settlement is put into writing.