Back in August 2016, Lil Wayne going after Universal Music in a legal battle over unpaid royalties. Back in March of this year, 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….. Click Here if you missed that.
Here’s an update on the situation.
According to reports, On Wednesday, the hip-hop star filed an amended petition in a New Orleans court, adding Universal Music Group as well as Cash Money co-owners Bryan “Birdman” Williams and Ronald “Slim” Williams to a pending suit that asserts a conspiracy and seeks more than $40 million in actual damages
In his suit, Lil Wayne claims that Cash Money has been debt-ridden and persistently undercapitalized, unable to pay him the $8 million advance on Tha Carter V and the huge profits that should be flowing in from the success of Young Money.
He also points to Universal’s role.
According to the amended petition, Young Money and Cash Money agreed in 2009 that net profits earned in connection with solo recordings from Drake would not be cross-collateralized against any advances…………..
The plaintiff claims Universal was allowed to increase the percentage of revenues it charged for its distribution services and that agreements were backdated to create the false appearance of existing before the end of the term of the Young Money Label joint venture. And why did Cash Money go along with this?