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Reggie Bush Settles Lawsuit For Undisclosed Amount

May. 3 2010, Published 2:33 p.m. ET

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Reggie Bush has reached a settlement with sports marketing agent, Lloyd Lake, RadarOnline.com is exclusively reporting.

Lake filed a lawsuit against the former star USC running back, claiming he gave Bush over $300k while he was playing football at USC. It has been reported that Lake had an agreement with Bush that in return when Bush graduated Lake would be employed as his agent.

Under NCAA rules, it's illegal for an athlete to accept any money from anyone while playing at the amateur level.

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Bush was expected to give a deposition this week in the case. It would have been the first time Bush answered any questions about money he allegedly received while he was playing for the Trojans.

The amount of the settlement was undisclosed, but a source close to the situation told RadarOnline.com, "All depositions are canceled, and there will be no further movement on the case."

This is the second settlement in the lawsuit, in 2007, Bush reached a settlement with Lloyd Lake's former business partner, Michael Michaels.

In December 2009, shortly before USC former head coach Pete Carroll took the NFL coaching job at Seattle, Bush tried to have the lawsuit go to arbitration, but he lost that bid.

Sources close to Reggie Bush tell RadarOnline.com that the he is relieved that "the matter has been dealt with, and all parties can move forward."

Lloyd Lake's attorney, Brian Watkins, had no comment on the case, and Reggie Bush's attorney Shawn Chapman Holley couldn't be reached for comment.

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