Cash Money Hit With Lawsuit Over Missing Drake Profits
According to reports, Cash Money records is being sued for missing profits and copyright royalties stemming from Drake's first six solo records.
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.
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.
In 2008, Aspire claims it signed an executive recording agreement with the More Life artist and then in June 2009 with Cash Money records that would allow for Drake to create music with the label in exchange for one third of the net profits from his first six records and one-third of the profits from his masters of those same albums as well as monthly accounting and payments. Those albums are So Far Gone, Thank Me Later, Take Care, Nothing Was the Same, If You're Reading This, It's Too Late and 2016's 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.