DiscoHeaven23 35,007 Posted March 29, 2016 Share Posted March 29, 2016 via Billboard: Universal Music Group is paying itself instead of shelling out royalties it owes Lil Wayne, according to a federal lawsuit filed by the rapper-producer's attorneys Monday in California. Dwayne Carter Jr., known as Lil Wayne, is suing UMG and SoundExchange, claiming he's been shorted millions from his work discovering and nurturing artists like Drake, Nicki Minaj and Tyga. Carter claims Universal has diverted tens of millions of dollars of his profits to repay itself for the $100 million it advanced to Cash Money Records, Inc. "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," states the complaint. "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." Carter's Young Money Label is a joint venture with Universal's Cash Money Records designed to manufacture, distribute, promote and exploit performances of new recording artists discovered by Carter and signed to the label, according to the complaint. He claims their 2003 agreement states the label's profits "would be divided 51% - 49% between Cash Money and Carter, and ownership of all the Young Money Label property, (e.g., master recordings, copyrights, intellectual property, good will) similarly would be owned 51% - 49% between Cash Money and Carter, respectively." After multiple extensions, the term expired June 4, 2015, which puts Drake's upcoming album in the crosshairs. “Universal should be grateful and respectful to Lil Wayne for the millions of dollars in distribution fees and profits they have earned on the artists he brought to the company, instead of seizing all of his profits on those artists in a desperate attempt to recoup the tens of millions of dollars they are owed by Cash Money Records,” said Carter's attorney Howard E. King of King, Holmes, Paterno & Soriano in a Monday statement. SoundExchange, the nonprofit that collects and distributes digital performance royalties on behalf of copyright owners, is also named as a defendant in the suit. Carter claims "Universal has claimed a right to 100% of the label performance royalties attributed to the YME Records" and "SoundExchange refuses to pay any of the money due to Young Money LLC and Carter individually based on Universal’s conflicting demand." Carter wants the court to clear it up and is seeking at least $40 million in damages and disgorged profits and a "judgment declaring the parties’ respective rights with regard to Plaintiffs’ share of label performance royalties." Universal Music Group did not immediately respond to a request for comment. http://www.billboard.com/articles/columns/hip-hop/7311613/lil-wayne-universal-music-lawsuit Link to post Share on other sites More sharing options...
mucinex 4,260 Posted March 29, 2016 Share Posted March 29, 2016 though his lyrics are vulgar, he is very smart, and i hope he wins what he deserves. Link to post Share on other sites More sharing options...
SissyFromSpace 20,884 Posted March 29, 2016 Share Posted March 29, 2016 he's already rich. Barbie elitist - Weaboo - Sissy Link to post Share on other sites More sharing options...
Harry 26,836 Posted March 29, 2016 Share Posted March 29, 2016 7 minutes ago, Lance said: he's already rich. So? And a huge corporation like Universal is what... broke? Doesn't matter how rich he is. If he's owed money that he worked for, he deserves to have it. Link to post Share on other sites More sharing options...
weed 74,451 Posted March 29, 2016 Share Posted March 29, 2016 If it's legit and they're stealing I hope he wins. If it's not and he personally owes them money which he is not giving them by choice I hope he doesn't. Link to post Share on other sites More sharing options...
holy scheisse 22,319 Posted March 29, 2016 Share Posted March 29, 2016 He was def instrumental in those three's upcomings. They don't need him anymore but he helped them get where they are. He deserves his due pay! Link to post Share on other sites More sharing options...
AlexanderLevi2 5,849 Posted March 29, 2016 Share Posted March 29, 2016 1 hour ago, neptugne said: If it's legit and they're stealing I hope he wins. If it's not and he personally owes them money which he is not giving them by choice I hope he doesn't. That's what most people would think too? Ha Currently listening to Joanne Link to post Share on other sites More sharing options...
weed 74,451 Posted March 29, 2016 Share Posted March 29, 2016 5 minutes ago, AlexanderLevi2 said: That's what most people would think too? Ha And your point is? Ha Link to post Share on other sites More sharing options...
Jesse Pinkman 4,660 Posted March 29, 2016 Share Posted March 29, 2016 He's been in so much drama lately between this and his crazy fued with Birdman... It's science, bitch Link to post Share on other sites More sharing options...
Featured Posts
Archived
This topic is now archived and is closed to further replies.