After announcing that he had filed a $2 million lawsuit against Blackstreet founder and bandmate Teddy Riley, the group's Chauncey Hannibal has issued a statement divulging that he has never taken any legal action against Riley.

"Obviously, there have been creative and artistic differences that have arisen between myself and Mr. Riley," reads the statement, which was sent to MTV News by Riley. "I feel it is necessary to make this statement in order to express my regret for the false statements which were made about Teddy, by the media and others. Please understand that I am not, nor have I ever taken legal action against Teddy Riley or his agents or assigns. Additionally, I am not seeking two million dollars from Teddy Riley or his record label LOR Records."

In May, Hannibal told MTV News that he had filed a $2 million lawsuit charging Riley with misappropriation of funds (see "UPDATE: Blackstreet's Chauncey Disses Riley, Sisqo On Wax").

The statement, dated June 22, also notes that Riley had developed the concept of Blackstreet in 1993 and that Riley had given Hannibal the opportunity to develop his artistic talents, which then led to a successful musical career.

Hannibal adds that he has issued the statement "to express credit where it is due, and to express my desire to move beyond the legal action which has commanded a significant amount of both mine and Teddy's time."

Shortly after Hannibal's initial statements to the press and the release of a song by Hannibal purported to be dissing Riley, Riley launched his own $2 million lawsuit charging Hannibal with defamation of character and slander (see "Teddy Riley Sues Ex-Bandmate"). According to Riley, he considers the statement an apology and the issue has now been settled.