Cash Money records needs to locate its receipts because if not, they could end up paying a pretty penny.
According to Billboard, the troubled label was hit with a lawsuit Monday (April 17) from Aspire Music Group which is suing Cash Money for missing profits and copyright royalties stemming from Drake’s first six solo records.
READ Drake Accuses California Country Club Of Racial Profiling The lawsuit filed in the Manhattan Supreme Court also cites breach of contract, breach of good faith and fair dealing and includes Cash Money co-owners Bryan “Birdman” Williams, Ronald “Slim” Williams as well as Young Money entertainment as defendants.
READ Review: Drake’s New Battle With An Old Formula & 6 Other Takeaways From ‘VIEWS’ Yet Aspire is alleging that despite the agreement, Cash Money never paid out any profits or royalties and that monthly accounting wasn’t consistent.
As it stands now a clear dollar amount hasn’t been made public, but Aspire has asked the court to conduct a full combing of Cash Money’s books to determine just how much money is owed.
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The suit cites breach of contract, breach of good faith and fair dealing and tortious interference as specific claims, and includes Cash Money co-owners Bryan “Birdman” Williams and Ronald “Slim” Williams, as well as Young Money Entertainment, as defendants.
Due to the size of those advances, Aspire alleges that Cash Money failed to audit Universal’s payments and thus have not adequately collected on all its net profits — leaving Aspire out in the cold down the line.
In addition, the complaint says that Cash Money signed a direct exclusive artist agreement with Drake in January 2013 — despite Aspire’s pre-existing deal — that paid Drake $10 million, $4 million of which was in profits from albums under the Aspire-Cash Money agreement, that Aspire claims was due to the company.
In the accounting provided by Cash Money to Aspire, court documents say, Cash Money sent copies of its payments from distributor Universal and included deductions for recording, marketing and production costs, as well as artist royalties and advances, that had already been deducted from Universal’s payments — effectively making them double deductions.
All told, the balance is therefore unknown; Aspire is asking the court to supervise a full accounting of Cash Money’s books in order to determine the amount due under its contract.
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Jas Prince Comes After Birdman In 2nd Lawsuit Against Cash Money Over Drake Contract
Prince, Jas Prince, has reportedly sued Cash Money Records founders Bryan “Birdman” Williams and brother Ronald “Slim” Williams for a second time, according to new legal documents obtained by TMZ.
In 2014, he sued Young Money, which is under Cash Money, for $11 million over Drake’s unpaid royalties and reached a settlement in 2016.
The lawsuit also claims Birdman signed Drake to an exclusive deal in January 2013, but the new contract allegedly breached Drake’s original one.
According to the new lawsuit filed in New York, Birdman has consistently ignored any contractual duty to pay Aspire Music one-third of his Drake profits.
The younger Prince, who initially hooked Drake up with the management company Aspire Music Group and Cash Money, has been embroiled in a financial fight with the Cash Money CEO since 2015, when he originally attempted collect on the money he says is owed to him.