According to TMZ, Hulk Hogan has settled his lawsuit against Bubba the Love Sponge in regards to the recent sex tape scandal. Financial terms of the settlement were not released, but Bubba released a letter of apology today, noting that he felt Hogan has nothing to do with the recording of the tape…

"It is my belief that Hulk is not involved, and has not ever been involved, in trying to release the video, or exploit it, or otherwise gain from the video's release in any way."

He also noted that he was, "committed to helping Hulk and his attorneys find whoever is responsible for the release of the tape."

Hogan is still continuing on with his $100 million lawsuit against Gawker for publishing the tape. He is also seeking damages from Bubba's ex-wife, heather Clem.

Here is the full letter of apology…

October 29,2012

Re: Public Apology to Hulk Hogan (Terry Bollea) and Retraction of Statements

After further investigation, I am now convinced that Hulk Hogan was unaware of the presence of the recording device in my bedroom. I am convinced he had no knowledge that he was being taped. Additionally, I am certain that he had no role in the release of the video.

It is my belief that Terry is not involved, and has not ever been involved, in trying to release the video, or exploit it, or otherwise gain from the video's release in any way.

Regrettably, when Hulk filed the lawsuit against me, I instinctively went on the offensive. The things that I said about him and his children were not true. I was wrong and I am deeply sorry for my reaction, and for the additional pain that it caused Hulk and his children on top of the pain that they already were feeling from having learned that Terry was taped without his knowledge, and the public release of the video.

I am committed to helping Hulk and his attorneys find whoever is responsible for the release of the tape and holding them accountable to the fullest extent of the law.