Adidas reaches out-of-court settlement with rapper Ye

Adidas has reached an out-of-court settlement with rapper Ye to end all legal proceedings between them, the sportswear brand said on Tuesday, adding that no money changed hands in the agreement.

Adidas and Ye had been embroiled in multiple lawsuits for the past two years since the German company ended a partnership with the rapper previously known as Kanye West over antisemitic comments he made.

"There isn't any more open issues, and there is no... money going either way, and we both move on," CEO Bjorn Gulden told reporters on a conference call, declining to give further details of the deal.

"There were tensions on many issues, and... when you put the claims on the right side and you put the claims on the left side, both parties said we don't need to fight anymore and withdrew all the claims," Gulden added.