Former film producer Harvey Weinstein has dropped a lawsuit against his brother Bob, in which he accused his sibling of "financial betrayal" that led to the collapse of his company, according to Variety.

Weinstein is in jail awaiting sentencing after he was convicted in June of sexual assault for a third time.

In February, his lawyers filed a counterclaim in a long-dormant lawsuit that sought to blame his brother and two other employees for the collapse of the Weinstein Company.

Harvey Weinstein was exposed to dozens of sexual assault and harassment allegations in the fall of 2017, leading to his ouster from the company. Fatally wounded, the company declared bankruptcy a few months later, and its library was ultimately acquired by Lionsgate, as reported by Variety.

In the countersuit, Harvey alleged that Bob and David Glasser took millions of dollars in improper payments prior to the company's bankruptcy. He also accused Reiter, the company's longtime accountant, of failing to stop them.

Harvey's lawyers filed a notice last week that they were dropping the case against Bob, though they are still pursuing Glasser and Reiter, reported Variety.

"Harvey's filing of this notice fully resolves the claims he asserted against Bob in this case," said Bob Weinstein's lawyer, Brian Kohn. "Bob entered no settlement with Harvey and paid him no consideration in exchange for the dismissal."

Bob Weinstein loaned the company $11.1 million (Dh40.81 million) to keep it afloat before it went bankrupt. He was not repaid as part of the 2021 bankruptcy settlement.

Attorneys for Glasser and Reiter have also filed motions to dismiss the case against them.

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