|Stats: 295 members, 6,547 topics. Date: May 25, 2017, 7:28 am|
TnLounge Forum / Celebrities / Lil Wayne Sues Universal Music For $40M Over Unpaid Royalties (1 Post | 689 Views)
Lil Wayne Sues Universal Music For $40M Over Unpaid Royalties @ 7:36 pm
On Mar 29, 2016
Young Money rapper, Lil Wayne is suing Universal Music Group, which is Cash Money’s distributor for withholding his royalties and that of the artistes that his label, Young Money helped build up.
He claims that Universal gave an advance of $100 million to Cash Money and had been using his (Young Money) profits to repay the loan to itself.
He is seeking $40 million in damages .
This is also following another lawsuit Lil Wayne filed against Cash Money last year which is still pending, he is suing Cash Money for $51 million under the claims that the label owned by his adoptive dad, Baby, did not pay him what he is owed and also that of his Young Money artistes.
Read the complaint below;
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.
Viewing this topic: 1 guest viewing this topic
TnLounge - Copyright © 2017 TnLounge. All rights reserved.
Contact us / How to post on TN
Follow TnLounge on Facebook and Twitter
Disclaimer: Every TnLounge member is solely responsible for anything that he/she posts or uploads on TnLounge.