Stone, one of the biggest artists of the late 1960s and early '70s, led iconic band Sly and the Family Stone, whose hits included "Dance to the Music," "Stand!," "I Want to Take You Higher," "Everyday People," "You Can Make It If You Try," "Hot Fun in the Summertime" and "Thank You (Falettinme Be Mice Elf Agin)," among others.

Variety reported that Los Angeles Superior Court announced its verdict on Tuesday, after two days of deliberations, but that the litigation has been going on for five years.

Stone's suit, originally filed in 2010, claimed that he signed an employment/shareholder deal in the late 1980s with Even Street Productions, and that manager Gerald Goldstein and attorney Glenn Stone used the arrangement to divert millions in royalties, leaving him unable to get the money he said was due him.