Divorce, ICM Style

Ed Limato, the powerhouse talent agent and co-president of International Creative Management, was stripped of his title July 13th and is negotiating an exit from the firm before a scheduled August 1st settlement arbitration date, according to Variety.

Limato, who represents Denzel Washington, Mel Gibson, Richard Gere, Liam Neeson, Steve Martin and Billy Crystal, was abruptly deposed after 32 years with the company, according to L.A. Weekly’s Nikki Finke.

The action was apparently the culmination of weeks of gamesmanship between ICM and Limato, whose employment contract reportedly expired in June. Talks over a new deal stalled.

Settlement negotiations reportedly hinge on Limato’s non-compete clause, which could be largely unenforceable in California, as well as ICM’s share of future commissions assuming Limato’s star-studded roster goes with him.