West filed a lawsuit against EMI in January in an effort to get out what he called an unfair and illegal publishing deal that should've ended in October 2010. Through the suit, 'Ye was seeking ownership over all the songs he made after October 2010, as well as the money made by EMI from his music over the last four years.
As their legal dispute started to heat up, West accused EMI of trapping him into a lifelong contract of "servitude." One of the several contract modifications, in 2006, EMI included language that stated "at no time during the Term will you seek to retire as a songwriter, recording artist or producer or take any extended hiatus." The takeaway from that clause was that Kanye would never be allowed to retire from making music.
In March, both parties informed the court that they wanted try and privately settle their legal issues by engaging in "meaningful discussions in an attempt to resolve this action without having to incur the burden and expense of litigation and motion practice." They were granted a 60-day extension at the time, suggesting that both sides have long been willing to come to the table in search of a fair resolution.
As part of their agreement, all claims will be dismissed, and the case will be closed. Both sides are expected to "draft and finalize a settlement agreement within ninety (90) days."