Pop star Ricky Martin (search) and his former manager have reached a confidential settlement to end months of legal battles in which they sued each other for breach of contract and financial debts.

Martin and former manager Angelo Medina hugged each other during a news conference that followed San Juan Superior Judge Oscar Davila's announcement of the agreement Wednesday. Davila prohibited both sides from releasing details of the settlement.

Martin had filed a $2.5 million lawsuit against Medina, claiming the former manager didn't provide services for which he had received advance payment.

Medina responded with a $63.6 million lawsuit, accusing Martin of failing to live up to terms agreed upon when they ended their contract in September 2003. Medina claimed he was supposed to continue managing Martin's career in Puerto Rico but not internationally. Instead, Martin broke all ties.

"It was a horrible thing," Martin said of the legal ordeal. "It was totally exhausting. I don't wish it on anyone."

But the singer, whose hits include "She Bangs," (search) "Shake Your Bon-Bon" and "Livin' La Vida Loca," said he didn't regret filing the lawsuit.

"Ricky Martin has no regrets. Each step he takes, he takes with conviction," said the Puerto Rican-born star, referring to himself in the third person.

Medina said he was proud of being part of Martin's rise to stardom, saying the 32-year-old singer "knows he can always count on me."

"It has been emotional but this is finally over," Medina said. "You have highs and lows in life and you come out of them stronger."