The Big East has dropped its lawsuit against TCU and will receive the $5 million it was seeking from the school after it bailed out on a commitment to join the conference, according to a report by The Associated Press.
The Big East filed the suit last month in Washington, claiming TCU failed to pay the league the $5 million it agreed to when the school reneged on an agreement to become a member and joined the Big 12 instead.
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Bloomberg News first reported the lawsuit had been dropped. The Big East confirmed it in a statement to the AP on Wednesday night.
"TCU has fully discharged its obligations to the Big East and the lawsuit is amicably settled without admission of liability of any party," said a statement from the Big East.
Conditions of the settlement were not released, but a person familiar with it told the AP the Big East will receive $5 million from TCU. The person spoke on condition of anonymity because no announcement was to be made on the agreement.
According to Bloomberg, the Big East on Wednesday dismissed the case with prejudice, which means another lawsuit on the same subject can't be filed in the future.
No reason for the dismissal was given to Bloomberg by Big East attorney Benjamin Block.
TCU agreed in November 2010 to join the Big East, beginning this July. The Big East contended that TCU agreed to pay the league $5 million if it did not follow through on that agreement.
In October 2011, TCU accepted an invite to the Big 12.
In the June lawsuit, the Big East said it had "made demand for the payment owed under the Agreement, but TCU has refused to make that payment or acknowledge its obligation to do so."
TCU officials said they were surprised by the case.
"The University is hopeful for an amicable resolution of this matter," the school said in a statement at the time. "Because of the pending litigation, TCU will have no further comment."
TCU left the Mountain West and became a member of the Big 12 on July 1.
Syracuse and Pittsburgh, which both will leave the Big East early in order to join the Atlantic Coast Conference in July 2013, will each pay the Big East $7.5 million -- $2.5 million more than specified in the conference bylaws.
Big East bylaws require members to give 27 months' notice when exiting the conference. Pitt and Syracuse announced last September they were jumping to the ACC.
Information from The Associated Press was used in this report.