Pharrell Williams and Reebok have mutually agreed to part ways after a legal dispute.

NEW YORK -- Pharrell Williams and Reebok have mutually agreed to part ways after a legal dispute.

Last month Williams reportedly filed a $4 million breach of contract lawsuit against Reebok, claiming that the company failed to meet distribution and quality standards for his Billionaire Boys Club apparel line and Ice Cream footwear collection. Williams and Reebok first entered into a licensing and distribution arrangement in 2003, and the Billionaire Boys Club and Ice Cream collections launched last year.

According to Williams' spokesperson, he has dropped the lawsuit as part of the agreement. Williams issued a statement saying he will soon be announcing other plans for the apparel and footwear lines. As part of the agreement, Reebok will continue selling Ice Cream shoes until June 30.

Williams says in a statement, "Reebok and I both understand we have very different visions for my clothing line, BBC, and my sneaker line, Ice Cream. I have learned a great deal doing business with Reebok, and it has been a great experience. I am pleased that we can part ways amicably and am excited to launch my line independently."

Reebok chief marketing officer Dennis Baldwin says in a statement, "Pharrell and Reebok are parting ways as friends with a mutual understanding and respect that Reebok's strategy and his strategy for the design and distribution of Billionaire Boys Club and Ice Cream were simply different. Although we would have liked for this venture to have been more successful, in the end, we both realize that the design and distribution fit just wasn't there."