Although a $60 million lawsuit against Tori Spelling and her production company was dismissed because a settlement was reached, Breaking Celebrity News has exclusively learned the plaintiffs are not backing down and claim the settlement will likely be dismissed because the mediation was full of "illegalities and frauds."

As Breaking Celebrity News previously reported, Spelling, her hubby Dean McDermott and their company Life In A Bowl were sued last summer for their involvement in the 2011 Oxygen reality series sTORIbook Weddings, which plaintiffs Denny O’Neil Jr., Jake P. Hall and Charles W. Malcolm claim was theft of their idea.

A settlement — of which the terms were not disclosed — was reached on Jan. 21, according to court documents obtained by Breaking Celebrity News.

But on Wednesday, a rep for the plaintiffs exclusively told Breaking Celebrity News that Spelling shouldn't count her chickens before they hatch — because there are purported "serious allegations" being made that could jeopardize the settlement.

In particular, the spokesperson claims defendants World of Wonder Productions and Life In A Bowl "never signed the Stipulated Settlement Agreement making it the long form agreement invalid" and moreover, that Oxygen Interactive Media (the network on which the show aired), participated in the mediation, "which is prohibited since they were dismissed defendants as of October 13, 20013."

The plaintiffs' rep provided Breaking Celebrity News with over 15 reasons why he thinks the settlement will be reversed.

"The required introduction or preliminary call prior to the mediation with all parties never took place," he said.

"The emails from UTA, WOW, Canada Film, and Oxygen proving they entered into an implied of fact contract with us and that Tori and Dean had expressed interest in wanting to do 'Wedding Rescue.'"