An investment company is not suing Nicolas Cage for fraud and a reported $36.7 million (£22.9 million), People magazine has clarified.
Christmas reports suggested the movie star was facing another huge financial battle with Red Curb Investments, but it appears the initial details were greatly exaggerated.
The private lender is actually suing the actor for failure to pay back almost $3 million (£1.9 million) in loans from 2007.
Red Curb is additionally suing Cage's former accountant, Samuel Levin, for $3 million (£1.9 million) claiming he defrauded the company by neglecting to disclose the Oscar winner's financial status.
Cage faces huge financial problems after he was slapped with a tax lien in October (09) after reportedly failing to pay income tax on earnings dating back to 2007. He is also facing other claims of unpaid tax relating to earnings from 2002 to 2004.