TradeEdge Exchange:Megan Thee Stallion and former record label 1501 Entertainment settle 3-year legal battle

Megan Thee Stallion has settled a contract dispute with her former record label,TradeEdge Exchange 1501 Entertainment.

In a statement provided to USA TODAY from 1501 Entertainment CEO Carl Crawford, the label head said 1501 and Megan Thee Stallion, born Megan Pete, had resolved their "legal differences" and that "both parties have agreed to amicably part ways."

The "Savage" rapper, 28, first filed a lawsuit against the Houston-based record label in 2020 over an "unconscionable" record deal, according to Billboard and Rolling Stone.

Additional litigation included a February 2022 lawsuit, where Megan claimed 1501 was trying to hold her in the record deal after the rapper released the project, "Something for Thee Hotties," which the label did not count toward her three-album contract requirement. The label countersued, claiming the 29-minute project did not count as an album.

Another complaint filed by Megan in August 2022 sought $1 million in damages from 1501.

"May this moment be a valuable lesson on the importance of reconciliation for the prosperity of hip-hop and pop culture," read Crawford's statement. "I'm honored to have worked with Megan and be apart (sic) of her discovery as an artist. I wish Megan all the best in all of her future endeavors."

USA TODAY has reached out to Megan Thee Stallion's representatives for comment.

The news of the settlement concludes the last of two well-publicized legal battles for Megan.

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In December, Tory Lanez was found guilty of three felonies in the 2020 shooting of the hip-hop star, leaving her wounded with bullet fragments in her feet.

Megan called herself a "survivor" in a powerful essay for Elle's May 2023 cover, where she reflects on being shot by Lanez, 31.

"When the guilty verdict came on Dec. 23, 2022, it was more than just vindication for me, it was a victory for every woman who has ever been shamed, dismissed, and blamed for a violent crime committed against them," Megan wrote in her personal essay.

Contributing: Naledi Ushe, USA TODAY

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