German rights trader Advanced Medien and film director Wolfgang Petersen have reached a settlement in the lawsuit regarding mutual contract fulfilment, which had been dragging on since August 2001.
As part of the settlement both parties agreed to abandon the suits they had filed before a US civil court and mutually waive their contractual claims.
In spring 2000 Advanced and Petersen's own production company Red Cliff Productions LLC had concluded a multi-year agreement to co-operate on the development of feature film projects. As part of the collaboration, Petersen was to be in charge of the operative management as well as the development of the projects through to production, while Advanced would meet the development costs for these projects and Red Cliff's administrative costs.
Commenting on the settlement with Petersen, Otto Dauer, chairman of Advanced Medien's executive board declared: "We are glad that we are able to end the lawsuit with this settlement. We did not enter lightly into this decision"