“The Mexicutioner” Manny Pacquiao and Floyd Mayweather Jr. have finally come to an agreement and settled their three-year legal battle. On Tuesday, the world’s top two pound-for-pound boxers struck a deal for Pacquiao to drop the defamation lawsuit he filed against Mayweather Jr.

According to previous reports, Manny Pacquiao filed a lawsuit against Floyd Mayweather Jr. back in December 2009 when the American boxer accused Pacman of using performance-enhancing drugs.

A statement obtained by The Times and released by Mayweather Jr., his father and uncle/trainer Roger Mayweather, said the men “wish to make it clear that they never intended to claim that Manny Pacquiao has used or is using any performance-enhancing drugs.”

“Nor are they aware of any evidence Manny Pacquiao has used performance-enhancing drugs. Manny Pacquiao is a great champion and no one should construe any of our prior remarks as claiming that Manny Pacquiao has used performance-enhancing drugs.”

Five-division world champion Floyd Mayweather Jr. previously laced into the abilities of Manny Pacquiao in a video posted on the Internet, where he accused the Filipino boxer of using “power pellets.” Mayweather’s family also made similar insolent remarks while the two boxers failed to make a much-awaited super fight that boxing fans have long been waiting for.

A source close to Pacquiao, who was not authorized to be identified due to a “strict confidentiality agreement,” told The Times, “Manny is happy to put this long ordeal behind him.”

Last week, the judge assigned to the defamation case ordered Mayweather Jr. to fork over $114,000 in legal fees to Pacquiao after failing to appear to answer queries for Pacman’s attorneys at a scheduled deposition.

At a Beverly Hills news conference last week to promote his December 8 match with Mexico’s Juan Manuel Marquez, Manny Pacquiao seemed to be conciliatory toward Floyd Mayweather Jr., saying that he was more optimistic than ever that the two of them would finally have their boxing fight in 2013.

Later in the week, Pacquiao said that he was willing to accept just 45% of the total purse while granting other concessions to Mayweather Jr.

Meanwhile, Mayweather has given some direction about his future in boxing to Golden Bay Promotions, but the company’s chief executive, Richard Schaefer, refused to talk about those plans Tuesday.

Moreover, Pacquiao’s MP Promotions and the new boxing promotion company — The Money Team — formed by Mayweather Jr.’s former close buddy, rapper 50 Cent, are also looking to promote fights together.

When asked if these agreements indicate the two are moving toward a fight, Manny Pacquiao advisor Michael Koncz said, “Time will only tell.”
Floyd Mayweather Jr. has not had a match since winning a unanimous decision over Miguel Cotto back in May 5 in Las Vegas. He then served more than two months in a Las Vegas prison for his role in a domestic battery incident against the mother of three of his children.

Professional boxer Manny Pacquiao has filed a lawsuit against his accountants, claiming that they made several mistakes on his company’s taxes.

According to reports, the legal action made by 33-year-old Manny Pacquiao is actually a countersuit against VisionQwest Resource Group, who sued the “Pound for Pound” boxer last year due to failure of paying their fees.

But, Manny Pacquaio says in his countersuit — why would anybody pay fees to accountants who not only made “several errors” on tax returns, but also gave “substandard accounting and tax advice.” Pacquiao’s lawsuit, filed by Dan Petrocelli, the lawyer who handled the case against OJ Simpson in the civil trial, claims that VisionQwest Resource Group was “unscrupulous” because they are targeting Manny Pacquiao to get a quick profit.

Also, Manny Pacquiao claims that VisionQwest is holding his tax records hostage.

Pacquiao is the first eight-division world champion, having won six world titles, as well as the first to win the lineal championship in four various weight classes. He was named “Fighter of the Decade” for the 2000s (decade) by the Boxing Writers Association of America (BWAA).

The Manny Pacquiao Foundation has been reportedly sued for using second hand clothes as “relief goods.”

According to reports, a logistics company has filed a lawsuit against the Manny Pacquiao Foundation, claiming they were hired by the charity back in 2009 to ship several containers to the Philippines filled with what appears to be “relief goods.”

However, the lawsuit states that “The containers were inspected by the Philippines authorities and found to have contained second hand clothes, rather than relief goods and have held such containers as a violation of Philippines law.”

The logistics company claims that the “relief goods” which were actually second hand clothes never made it to the people in need, because they were sequestered by Philippine officials.

In the suit, the company implies that Manny Pacquiao Foundation is using the incident as an excuse to deflect the $35,805.36 bill, even though it clearly believes it was the Foundation’s responsibility to correctly label the goods.

The shipping company is now demanding full payment from the Manny Pacquiao Foundation, plus interest.