Tom Cruise with daughter Suri
Actor Tom Cruise carries his daughter Suri into the Chelsea Piers sports facility in New York, July 17, 2012. Reuters/Andrew Burton

Tom Cruise dropped a $50 million defamation suit, which he had filed against tabloid publisher Bauer Publishing for accusing him of abandoning daughter Suri after his divorce from Katie Holmes.

According to reports, news of the settlement came through an e-mail by Lindsay Ferraro, a public relations consultant for Bauer Publishing, which owns In Touch and Life & Style magazines.

Cruise dismissed the lawsuit in a California federal court on Friday. The terms of the settlement were not disclosed but each party will reportedly have to pay its own legal fees.

“[Neither Bauer Publishing nor the magazines] intended to communicate that Tom Cruise had cut off all ties and abandoned his daughter, Suri, and regret if anyone drew that inference from anything they published," Ferraro said in her e-mail, according to reports.

Cruise had denied claims that he had cut Suri out of his life “whether physically, emotionally, financially or otherwise” and, called reports that he had done so as being “patently false."

The defamation case began after Holmes filed for divorce from Cruise in June 2012. Cruise’s deposition had revealed details of his personal life, including his admission that one of the reasons behind his split with Holmes was his devotion to Scientology.