Kanye West settled his lawsuit against Lloyd's of London, which had refused to pay for the losses he incurred when he cancelled some of his 2016 Saint Pablo concerts after suffering a mental breakdown.
Lloyd’s folded under massive pressure by Kanye’s lawyers and agreed to pay most of what Kanye was due under the policy. Kanye’s touring company, Very Good Touring, had sued for $10 million after Lloyd’s refused to pay because they claimed the breakdown was triggered by Kanye’s alleged drug use. Lloyd’s claimed drug use was an exclusion under the policy; they initially claimed marijuana triggered the mental breakdown, but Kaney’s breakdown was triggered by a mental condition that had nothing to do with drugs.
Lloyd’s decided going to court was too risky, especially when faced with a possible huge punitive damages award.
Source: TMZ