Andre Blay settled his lawsuit against Coca-Cola.

As part of the settlement, Blay agreed to resign from his posts as chairman and chief executive of Embassy Home Entertainment, which was acquired by Coca-Cola a year ago. Blay and Coca-Cola had signed a letter of intent last February to sell the subsidiary to a Blay-led investor group, but the deal collapsed in June, prompting Blay’s lawsuit alleging breach of contract. No other details of the settlement were disclosed. As reported, Coke is believed to be negotiating the unit’s sale to Barry Spikings, former chief executive of EMI Films Ltd.