Story highlights Andrés backed out of a plan to open up a restaurant in a Trump hotel in July 2015

Trump then sued Andrés for breach of contract

The terms of the settlement were not disclosed Friday

(CNN) The Trump Organization and restaurateur Jose Andrés have settled a long-running lawsuit, according to a joint statement released by both parties Friday.

The dispute began in July 2015 when Andrés backed out of a plan to open a restaurant in the Trump International Hotel in Washington after Trump said in his presidential campaign launch speech that Mexico is "not sending their best" to the US when immigrants from there include "rapists" and people "bringing drugs" and "bringing crime."

Trump then sued Andrés for breach of contract in August 2015, causing both Andrés and fellow chef Geoffrey Zakarian -- who also backed out of his own deal to open up a restaurant in the hotel -- to file counter-claims.

"I am glad that we are able to put this matter behind us and move forward as friends," Donald Trump Jr., who now runs the Trump Organization, said in the statement Friday. "Without question, this is a 'win-win' for both of our companies."

Andrés agreed, saying: "I am pleased that we were able to resolve our differences and move forward cooperatively, as friends."

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