The Latest on the Fashion Icon’s $4.5M Payout

The fashion icon has become a star among some of the biggest brands in the world, but his payday has been so big, in fact, that it is forcing him to declare bankruptcy.

On Saturday, Michael Kors, the clothing line’s namesake, said it would pay out $4,567,400 to a woman who sued him in 2011 over sexual harassment.

In a statement released on Friday, Kors’ lawyers said he had filed for Chapter 11 bankruptcy protection in New York, claiming he had lost his net worth of $1.5 billion.

The statement said Kors had no assets left to pay his legal bills.

The court filing was the latest in a string of lawsuits Kors has filed over sexual misconduct allegations.

Kors sued former models and actresses, including Ashley Judd, Emma Watson, Rosie Huntington-Whiteley and Jessica Chastain.

In the last year, he settled lawsuits filed by actresses including Rosie O’Donnell and Rose McGowan.