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Lil Wayne has reportedly reached a settlement over unpaid pieces of jewelry.

As reported earlier, New Orleans based jeweler Jack Sutton took Lil Wayne to court claiming that the rapper purchased a $138,000 diamond ring and a $32,000 gold-and-diamond necklace from him in 2006 and only paid $24,000 for the pieces.

Sutton claimed Wayne had agreed to make monthly installments for the jewelry but failed to make payments and return e-mails after paying the $24,000.

Wayne's lawyer, Ron Sweeney, revealed to The Miami Herald Tuesday (August 12) that both parties had come to an agreement. Sutton is expected to be paid back this week and Wayne may return the $138,000 diamond ring as part of their agreement.

“We reached a settlement,” said Sweeney “Everybody's happy.”

Lil Wayne's income tax payments also came under question. According to a May 6 notice of federal tax lien filed with Miami-Dade County, Wayne owes $977,840.81 in income tax.

Wayne has been residing in Miami since Hurricane Katrina's ravaged his hometown of New Orleans.

Sweeney insisted that Wayne has paid the owe d taxes but according to The Herald, a release of lien has not been recorded with the county.