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Puffy

Combs has reached an out-of-court settlement with Steve

Stoute, the record executive who accused the rapper/producer and

two bodyguards of barging into his New York office April and beating

him with various objects (a champagne bottle, a chair and a telephone).

The

New York Daily News reports that Combs will pay Steve Stoute "producer

and management fees" amounting to $500,000! Stoute, a Universal

Records executive who has worked with Nas and Mary J. Blige, was

offered an out of court settlement for 2 million in cash, turned

THAT down, and said he wanted as much as $12 million shortly after

the alleged incident.

According

to the deal, Stoute will be in a long-term business alliance with

Combs, rather than paying him some dough to never hear from him

again. Stoute suffered a broken arm, broken jaw and cuts on his

face and head. "Puffy and Steve have made peace," an

unnamed source told the paper. The insider added that Combs and

Stoute planned to sit together at Madison Square Garden Monday

when the NBA Finals head back to New York.