Meryl Streep slams Karl Lagerfeld's apology after Oscar dress 'lie': 'I do not take this lightly'

Meryl Streep does not accept Karl Lagerfeld's apology.

The Florence Foster Jenkins star slammed Lagerfeld's apology in a statement obtained by ET on Saturday, claiming that the designer "defamed" her in his original statement that she turned down a Chanel dress for Sunday's Academy Awards -- where she is nominated for her 20th Oscar -- because they wouldn't pay her to wear the gown.

WATCH: Meryl Streep Denies Refusing a Chanel Oscar Dress Because She Wanted to Get Paid for Wearing It

Lagerfeld released a statement to Streep and WWD, the outlet that printed his first claims of Streep's Oscar dress denial, on Saturday morning, explaining the issue was a "misunderstanding."

"Chanel engaged in conversations with Ms. Streep's stylist, on her request, to design a dress for her to wear to the Academy Awards," Lagerfeld's statement read. "After an informal conversation, I misunderstood that Ms. Streep may have chosen another designer due to remuneration, which Ms. Streep's team has confirmed is not the case. I regret this controversy and wish Ms. Streep well with her 20th Academy Award nomination."

Though Lagerfeld may "regret this controversy," it's not all water under the bridge for Streep.

WATCH: Meryl Streep Reacts to Her 20th Oscar Nomination With the Best GIF Ever

"In reference to Mr. Lagerfeld's 'statement,' there is no 'controversy': Karl Lagerfeld, a prominent designer, defamed me, my stylist, and the illustrious designer whose dress I chose to wear, in an important industry publication," she said. "That publication printed this defamation, unchecked."

"Subsequently, the story was picked up globally, and continues, globally, to overwhelm my appearance at the Oscars, on the occasion of my record breaking 20th nomination, and to eclipse this honor in the eyes of the media, my colleagues and the audience. I do not take this lightly, and Mr. Lagerfeld's generic 'statement' of regret for this 'controversy' was not an apology," she continued. "He lied, they printed the lie, and I am still waiting."

Streep, the most nominated actor in Oscars history, is up for Best Actress for her performance in Florence Foster Jenkins at Sunday's Academy Awards.

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While we'll definitely be tuning in to see what Streep wears down the red carpet, find out everything else you need to know about the awards show in the video below.