Washington, Dec 28 (ANI): Nicolas Cage is not facing a lawsuit of 36.7 million dollars from an investment company, according to reports.

People magazine has clarified Christmas reports suggesting that the ‘City of Angels’ star was on the verge of a huge financial battle with Red Curb Investments, indicating that the initial details were greatly exaggerated.

The private lender is actually suing the actor for failure to pay back almost 3 million dollars in loans from 2007, reports Contactmusic.

The company is also suing Cage’s former accountant, Samuel Levin, for 3 million dollars claiming he defrauded the company by neglecting to disclose the Oscar winner’s financial status.

Cage faces huge financial problems after he was slapped with a tax lien in October (09) after reportedly failing to pay income tax on earnings dating back to 2007.

He is also facing other claims of unpaid tax relating to earnings from 2002 to 2004. (ANI)