Agency bankrupt after legal battle with Meghan Markle lost

Splash News and Picture Agency have filed for banruptcy after losing a legal battle with Meghan Markle. 

The Hollywood Reporter reported that the agency filed for bankruptcy after defaulting on a loan worth $1million.

"Splash's financial problems stem from three sources," Splash president Emma Curzon wrote in declaration.

"As a consequence of the global pandemic the availability of celebrity images has declined and budgets within media companies have been cut to reflect wider macro-economic challenges.

"This situation has been exacerbated by two ongoing litigation cases and the costs of defending these cases," she added.