Lil Wayne is mad, and the hip hop artist has filed a multi million dollar lawsuit against Universal Music Group for withholding profits that the Young Money head honcho was due for artists Tyga, Drake, and Nicki Minaj. UMG is the Cash Money Records parent company, and Young Money Records has a joint venture with CMR. In the lawsuit there are allegations from Lil Wayne that Universal has witheld and failed to pay tens of millions of dollars for the 3 artists. The lawyer for Lil Wayne released a statement explaining that Cash Money had a debt with Universal for $100 million that was paid for advances.
The lawsuit filed by Lil Wayne alleges that profits for YMR should not have been withheld to cover CMR debt, since CMR only owns 51% of YMR and Lil Wayne directly holds the other 49% himself. According to a respresentative for Lil Wayne’s lawyers “Ignoring Lil Wayne’s documented ownership interest in the records of these artists, Universal confiscated Wayne’s profits to repay the large Cash Money Records debt for which neither Wayne nor his Young Money Entertainment company has any responsibility. Universal further deprived Wayne of millions of dollars in SoundExchange royalties owing on account of his ownership of these records.”
A representative for Universal Music Group gave a statement to Rolling Stone explaining “These claims are entirely without merit. 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.” The Hollywood Reporter has issued a report stating that Lil Wayne is asking for $40 million in the lawsuit.
There is no longer a valid agreement between YMR and CMR, the joint venture expired in June of last year. The latest Lil Wayne lawsuit is also separate and in addition to the one filed last year by the hip hop artist against Birdman, the head of Cash Money Records, which asks for $51 million. This initial lawsuit caused a lot of infighting and bad blood in the music industry but Lil Wayne and Birdman have made attempts to tone things down even though this lawsuit has not been resolved yet either.