Tool will finally begin writing new material for a new album in January now that the band has reached an agreement with its former record label bringing an end to an 18-month legal battle.
Volcano Records filed a $25 million against the band in the summer of 1997 (which was later upped to $40) claiming that the band was trying to slip out of its 1991 record deal. The band then filed a suit of its own against Volcano claiming that the label had failed to pick up the band's option, and that they were free to sign elsewhere.
The two parties hammered out a deal on Friday which will give Tool its own record label via Volcano Entertainment II.
Tool and Volcano were originally slated to settle the matter in court in early October (see "Tool Legal Battle Keeps Band In Limbo"), but the date was pushed back as both parties continued to try to resolve the matter.
There is no release date set yet for Tool's first album
under the settlement, which will be the band's first release since 1996's chart-topping and Grammy-nominated "Aenima."
While the band has not recorded in more than two years, the group has hardly fallen out of the public's consciousness during its time in recording dry-dock. The band toured as part of 1997's Lollapalooza tour and hit the road with 1998's Ozzfest tour, all while "Aenima" remained on the charts years after its release.