Former Liverpool owners Hicks, Gillett withdraw legal action against club

Liverpool says former owners Tom Hicks and George Gillett have withdrawn their legal proceedings against the English Premier League club after agreeing to an out-of-court settlement.

The Americans lost control of Liverpool in what they claimed was an "epic swindle" by club directors and a bank in October 2010, when the 18-time English champions were bought for 300 million pounds (then $476 million) by the parent company of the Boston Red Sox.

Hicks and Gillett pursued legal action, but Liverpool said on Friday that "all claims and allegations ... have been withdrawn" and "all legal proceedings between the parties concluded."

Liverpool said the terms of the settlement are confidential.