1:15 PM ET

The University of Connecticut and former men's basketball coach Kevin Ollie have reached a settlement of $3.9 million for claimed reputational damages and attorney's fees to end their lengthy legal battle.

There was a potential federal race discrimination suit against the university that was settled.

After two losing seasons, the University of Connecticut decided to part ways with head coach Kevin Ollie, who led the team to a 127-79 record and a national championship in six years.

The school refused to pay the money left on his contract after he was terminated. According to the school, the decision to fire Ollie was without compensation.

An arbiter ruled in January that the University of Connecticut had "improperly fired" Ollie and he was awarded $11.2 million.

All outstanding matters related to his former employment with the University of Connecticut have been resolved as a result of the $3.9 million settlement.

"I'm thankful that we were able to reach an agreement," he said. I will always remember my time at the University of Connecticut as a student athlete and coach. I'm happy that this matter is over and done with.

An arbiter ruled in favor of the team and their coach after they fought for what they said was an improper dismissal.

In January, the Committee on Infractions ruled in favor of Ollie, who had been accused of deceptive actions within the investigation.

As the three-year show cause of Ollie's is set to expire, he could return to collegiate coaching.