The Tolkien Trust and Harper Collins publishers had sued New Line Cinema for $220 million (£133 million) in February 2008, claiming breach of contract and fraud over alleged royalties from the Oscar-winning trilogy of films based on Tolkien's Lord of the Rings novels, which grossed a combined $6 billion (£3.26 billion) worldwide.
The case had been set to go to trial in Los Angeles on October 19th, but after an undisclosed settlement was agreed, the New Line/MGM films based on Tolkien's 1937 book The Hobbit can now go ahead.
Pan's Labyrinth director Guillermo del Toro is to begin shooting next year, with movies based on The Hobbit and its surrounding events in Middle Earth set to be released in 2011 and 2012.
Peter Jackson, who won a best director Oscar in 2003 for The Lord of the Rings: The Return of the King, is to produce The Hobbit alongside Del Toro and Fran Walsh, while the three will work with Philippa Boyens on adapting Tolkien's beloved work for the screen.
'We are pleased to put this litigation behind us,' said Alan Horn, president of New Line parent Warner Bros after the settlement was announced.
'We all look forward to a mutually productive and beneficial relationship in the future.'
The Tolkien Trust had alleged it had received only $62,500 (£32,000) from the trilogy of Lord of the Rings films, but had been entitled to a 7.5 per cent share of all profits for productions based on the author's work due to a 1969 contract.
'The trustees regret that legal action was necessary but are glad that this dispute has been settled on satisfactory terms that will allow the Tolkien Trust properly to pursue its charitable objectives,' said the author's son Christopher Tolkien after the conclusion of the legal dispute was announced.
'The trustees acknowledge that New Line may now proceed with its proposed films of The Hobbit.'
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