As part of the settlement, Spinnin' will retain an exclusive license for an undisclosed, limited period for all tracks released before August 2015.
Billboard reached out to representatives of Spinnin' Records for comment, but had not heard back at time of publication.
Martin Garrix Sues Ex-Manager: Report
However, the agreement may not end the legal wrangling between the parties. In his statement, Garrix acknowledges that other outstanding disagreements will likely be the subject of further legal proceedings.
Read Garrix's full statement below:
I hereby inform you that I have withdrawn the summary proceedings against Spinnin Records (kort geding) of 3 December 2015.
As a result of further negotiations, Spinnin Records has transferred ownership rights of my music back to me, which was the main goal of the summary proceedings. I will grant Spinnin Records an exclusive license (for a limited period) for the tracks that were released by Spinnin Records until August 2015.
The remaining differences of opinion between parties will most probably be subject of further legal proceedings. In the meantime parties will keep trying to resolve this matter amicably.