An attorney for Hollywood director Bryan Singer announced Wednesday that the filmmaker will pay $150,000 to resolve allegations that he raped a 17-year-old boy while partying on a yacht in 2003.

The "X-Men" director was accused of sexually assaulting then-underage Cesar Sanchez-Guzman during a Seattle yacht party. Singer allegedly lured him into a secluded area and forced the teen to perform oral sex. Sanchez-Guzman's lawsuit filed in December 2017 also alleges that Singer performed oral sex on the 17-year-old against his will and anally penetrated him, according to the Los Angeles Times.

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Singer’s attorney said that his client denies the assault and that he agreed to pay the settlement for business reasons related to Cesar Sanchez-Guzman's bankruptcy case. Sanchez-Guzman filed for bankruptcy in 2014, but his claim was discharged, according to Variety. The trustee reopened the claim in 2018 because the possibility of a payout from the sexual assault lawsuit was not listed as one of Sanchez-Guzman’s potential assets.

Singer’s attorney said his client will pay $150,000 to the trust if the bankruptcy case is approved. The money, to be managed by trustee Nancy James, would be used to pay off Sanchez-Guzman’s creditors as well as administrative fees.

“Singer has denied even knowing this individual, let alone allegedly having interacted with him more than 15 years ago,” Andrew Brettler, an attorney at Lavely & Singer, which represents Singer, said in a statement Wednesday.

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“The decision to resolve the matter with the bankruptcy trustee was purely a business one as litigation costs would well exceed the amount requested by the trustee to pay off the creditors who were owed money when the debtor filed for bankruptcy,” he explained.