Woody Allen Settles Lawsuit With American Apparel For $5 Million

May 18, 2009 12:56 p.m. EST

New York, NY (CNS) - Woody Allen has settled the $10 million lawsuit he filed against clothing company giant American Apparel for $5 million. The actor/filmmaker accepted the settlement for the unauthorized use of his image.

The 73-year-old Oscar Award winner sued the clothing company last year for putting up billboards in New York and Hollywood featuring his "Annie Hall" image in rabbi suit. He alleged that American Apparel had set up the ads without his prior consent or permission.

On Monday, Allen received $5 million from the retailer as settlement for the case.

He said outside the federal courthouse in Manhattan, "It's of course possible by going through the trial a jury might have awarded me more money, but this is not how I make my living and $5 million is enough to discourage American Apparel or anyone else form ever trying such a thing."

He added that he was told the amount is the "largest amount ever paid under the New York 'right to privacy' law."