Paris Hilton does not have to pay the $35 million worth of damages that were filed against her by a hair company last year.

The 30-year-old socialite released the DreamCatchers line of hair extensions in January 2007 in partnership with Hair Tech International. The company announced plans to sue the heiress in August of last year, claiming she had signed a multi-million dollar contract to use and promote their hair extensions and then hadn’t fulfilled obligations, causing $35,000,000 in damages.

Chris Volek – chief executive officer of Hair Tech International – had accused Paris of wearing competitors’ hair extensions. He also said she cost the firm $6.6 million when she landed up in jail in 2007 and missed a launch party.

Paris – who strongly denied the claims and filed a $1.7 million countersuit – announced the company admitted it got its claims wrong and dropped the case. The blonde beauty has insisted that people in business don’t always see eye-to-eye, and that she is happy to move on from the dispute.

"It is certainly not unusual for businesspeople to have their disagreements, but I am glad that Chris has acknowledged the hard work and dedication I put into promoting his products,” Paris is quoted as saying.

Chris confirmed that his accusations were unfounded. The businessman released a statement admitting that his case was not based on “accurate” or reliable information. © Cover Media