Lexington, KY (My Sportsbook) - The University of Kentucky and its former basketball coach Billy Gillispie settled a multi-million dollar lawsuit on Tuesday, the Louisville Courier-Journal reported.

Back in May, Gillispie filed a lawsuit against the university's athletics association, accusing them of both breach of contract and fraud for his firing only two years into a seven-year agreement.

Gillispie, who went 40-27 in his two seasons with the Wildcats, was originally looking for $6 million in back pay for "termination without cause."

Kentucky responded with a countersuit, stating no "cause" was required for Gillispie's termination and that he refused to come to a long-term contract.

Regardless, the two parties agreed to a settlement Tuesday that will pay Gillispie $2.98 million as well as his attorneys' fees, according to the Courier-Journal.

In return, Gillispie can not file another lawsuit, nor can he speak ill will on the university.

In April 2007, Kentucky named Gillispie its 21st head coach, signing the former Texas A&M coach to a seven-year deal worth $2.3 million per season. At the heart of the lawsuit was a question of whether or not the university, like Gillispie, considered the agreement a binding contract.

Gillispie and UK athletic director Mitch Barnhart negotiated the terms of the deal over the phone the day previous to the hiring, and both men signed the document in question on the morning of April 6.

Until the firing, neither side could agree to an actual contract due to disputes over deferred compensation and how to define "termination without cause."

Following Gillispie's firing, the school hired ex-Memphis coach John Calipari to head its basketball program.