A source for 'NSYNC confirmed to MTV News on Thursday afternoon that after weeks of mediation, a settlement has finally been reached between 'NSYNC and Trans Continental Media guru Lou Pearlman and BMG Entertainment, in the $150 million lawsuit filed against the boy band in October.

The parties headed into an Orlando courtroom late last month (see [article id="1432532"]"'N Sync's Battle With Ex-Manager Heads To Court"[/article] when Pearlman and BMG, owners of 'NSYNC's former label RCA Records, slammed the boy band and their new label, Jive Records, with a $150 million lawsuit. The suit cited, among many alleged legal wrongdoings, breach of contract.

'NSYNC struck back shortly thereafter, filing a countersuit against Pearlman and his three Trans Continental business holdings citing fraud, breach of contract, and Pearlman's breach of fiduciary duty while he was the group's manager.

Details are forthcoming and an official statement from the band is expected

by Monday.

We'll keep you posted.