Arnon Milchan and Warren Beatty have settled their two-year legal battle over the disastrous release of “Rules Don’t Apply,” Beatty’s period drama about Howard Hughes.

Milchan’s attorneys have filed a notice with the court dismissing his suit against Beatty. Terms of the settlement were not disclosed.

Milchan’s company, New Regency, sued Beatty and other investors in December 2017, alleging that they had failed to pay $18 million in distribution costs. Milchan alleged that Beatty and his investors ignored poor test screening results and insisted on a wide release for the film, rejecting advice from New Regency to do a more limited release. When the film flopped — grossing just $3.9 million — Milchan alleged that he was left holding the bag.

Beatty and his investors — including Steve Bing, Brett Ratner and Ron Burkle — countered that Milchan had failed to properly market the film. They alleged in a countersuit that Milchan had
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