Rapper Wiz Khalifa has reportedly reached an undisclosed settlement with his former manager Benjy Grinberg after accusing him of mismanaging his finances.

The Black and Yellow star lodged a lawsuit against Grinberg and his Rostrum Records label in May (16), claiming the executive profited at his expense. Khalifa was exclusive to the Rostrum label, and bosses agreed to share the income he earned through songwriting, touring, and merchandising.

However, in his lawsuit he accused Grinberg of failing to disclose the fact there were alternative options that could have been more beneficial for the musician.

Khalifa, who dropped Grinberg as his manager in 2014, was seeking compensatory and punitive damages of more than $1 million . However, Grinberg launched his own lawsuit against the 29-year-old, claiming Khalifa signed a deal in 2005, which gave Rostrum 15 per cent of all his music royalties and touring profits, as well as 20 per cent of merchandise sales.

Now the rapper and Grinberg have reached a settlement and their lawsuits have been dismissed.

"This agreement includes the dismissal of lawsuits that each party had previously filed against each other earlier this year," a statement to Billboard reads. "Both parties are pleased with the outcome and look forward to putting this matter behind them."

Terms of the agreement have not been disclosed.