Producers of the Broadway revival of David Mamet's Speed-the-Plow filed charges against Piven, claiming his decision to leave the show after falling ill with a severe bout of mercury poisoning cost them undue stress and cash.
But the actor was given the all-clear in arbitration on Thursday, as officials declared he acted reasonably when he put his health before the play.
The arbitrator also stated that the evidence against Piven, which suggested he wasn't as ill as he claimed, was "insufficient."
Piven, who was advised by his doctor at the time to stop working because of his illness, says, "I'm pleased with the outcome of the arbitration and to be completely vindicated in this matter based on the facts and the medical evidence."
He was replaced by William H. Macy in the play.
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