Priscilla Presley — who previously filed a petition questioning the "validity" of daughter Lisa Marie's trust — reached a settlement with granddaughter Riley Keough on Tuesday
"My family has resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie's untimely passing," Priscilla says in a statement shared exclusively with PEOPLE. "Although some media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter."
She continues: "As a family, we are pleased that we resolved this together. My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."
Legal counsel for Priscilla, 77, and Riley reached a settlement on Tuesday, with Riley's side set to submit a settlement request under seal for both the Promenade and an insurance trust.
RELATED VIDEO: Inside Priscilla Presley and Riley Keough's Fight Over Lisa Marie's Trust: 'They Don't See Eye to Eye'
"They have reached a settlement. Families are happy," Ronsen Shamoon, Priscilla's lawyer, told reporters. "Everyone is happy. Unified and together and excited for the future."
Justin Gold, Keough's attorney added, "[Riley] would not have agreed to the settlement if she was not happy with it."
Reps for Riley have not responded to PEOPLE's requests for comment following the settlement.
The next hearing and motion for approval is scheduled for Aug. 4.
Priscilla had filed a petition in January, and in it, questioned the "authenticity and validity" of a 2016 amendment to Lisa Marie's trust that removed her as a co-trustee and put granddaughter Riley, 33, in charge.
The trust — which includes Elvis Presley's beloved Graceland property and a 15 percent stake in Elvis Presley Enterprises (EPE) — had previously listed Priscilla and Lisa Marie's former business manager Barry Siegel as co-trustees.
Priscilla alleged that she didn't know about the 2016 amendment until after Lisa Marie's death, and argued it should be voided because of several factors, including the fact that Lisa Marie had not informed her of the changes as required by the terms of the trust. But Lisa Marie's friend told PEOPLE in March that there was "zero question" what her wishes were: "Lisa wanted Riley and [late son] Ben to be the trustees" — and for all her children to be the beneficiaries.
Multiple sources said the legal proceedings caused Riley and Priscilla to stop speaking to each other. "They do not see eye to eye," said a Presley family insider.
"Priscilla doesn't want Riley solely in charge, because then she has no say," the source said. "Meanwhile, Riley doesn't want Priscilla to butt in."
Added the Riley source: "It's a very sad situation. Riley is shocked Priscilla is contesting the amendment."
In a Feb. 3 statement, Priscilla said she hoped to move forward with "integrity and love."
"Please ignore 'the noise,'" she said. "As I have always been there for Elvis' legacy, our family and the fans, I will continue to forge a pathway forward with respect, honesty, dignity, integrity and love."
Amid the legal proceedings, sources said Riley has been focused on her acting career — she stars in Amazon Prime Video's limited series Daisy Jones & the Six — and new motherhood; at Lisa Marie's memorial, Riley's stuntman husband, Ben Smith-Petersen, revealed that the couple welcomed their first child, a girl, in 2022.
Meanwhile, Priscilla co-created the Netflix animated series Agent Elvis which debuted in March, and she's the subject of an upcoming biopic directed by Sofia Coppola.
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