Lil Wayne Is Suing Universal Music And SoundExchange For $40 Million In Unpaid Profits
Tue, 29 Mar 2016 14:19:40
Lil Wayne is suing Universal Music and SoundExchange for $40 million in damages over unpaid profits Wayne earned for discovering artists such as Drake and Nicki Minaj. Spin reports, "According to the suit, Universal has withheld Wayne's share of those profits in order to pay itself back for the debt from an alleged $100 million advance given to Cash Money in the past. It alleges that according to a 2003 agreement, Wayne would own and receive 49 percent of Cash Money's profit and the other 51 percent would go to Cash Money; he has gone unpaid and therefore believes he isn't responsible for paying off the label's debt. Said agreement expired on June 5, 2015."
According to the complaint, "With Universal's knowledge of Lil Wayne's rights to partial ownership and profits from those artists, Universal and Cash Money entered into a series of agreements which, among other things, diverted Lil Wayne's substantial profits to repay debts of Cash Money. As a result, 100% of the profits that should have been paid to Lil Wayne as a result of his ownership of Drake, Nicki Minaj and Tyga records have been seized by Universal to repay debts that were neither incurred by nor were the obligations of Lil Wayne."
A spokesman for Universal Music wrote in a statement to The Hollywood Reporter, "It should be no surprise that we learned of the lawyer's complaint through the news media. We don't intend to dignify this with further public comment except to say that we will vigorously contest it and that the merits of our case will carry the day."For more on Lil Wayne, check out:
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—The ARTISTdirect Staff