Renowned record label Cash Money is making weekend headlines with reports claiming mega music giant EMI has sued Birdman’s company over unpaid royalties.
According to reports, Cash Money has failed to stay on top of paying its royalties.
Music giant EMI says Cash Money Records, the label that is home to rappers like Lil Wayne, Drake, and Nicki Minaj, owes nearly half a million dollars in royalty payments from a settlement agreement. In November 2009, EMI filed a copyright infringement lawsuit against Cash Money in federal court in Manhattan. The licensing dispute resulted in a settlement agreement where Cash Money said it would pay royalties for the EMI songs Cash Money’s artists sampled on their own albums. But EMI says it had to sue again because Cash Money stopped making its quarterly royalty payments. (Courthouse News Service)
The label reportedly owes nearly $500,000 in damages to EMI.
According to the parties’ agreement, EMI is entitled to a multiplier penalty of 1.25, which means Cash Money owes more than $491,000 in damages. “The sales of Defendant’s products have far exceeded the payments that EMI has received,” the complaint states. “Once EMI realized that Defendant owed more money under the Second Payment it notified Defendant and explained that due to the increased sales, EMI was entitled to additional compensation,” the complaint continues. “It is clear from Defendant’s conduct that it has no intention of honoring the Agreement.” (Courthouse News Service)
Birdman’s label is known for its fair share of legal woes.
Cash Money has a long history of lawsuits, many of which end up settled. The label was served with three lawsuits in the same week last June — two for unpaid royalties and one for alleged copyright infringement. They’ve also faced lawsuits over their hit songs “Bedrock”, “A Milli” and “How to Love” (alleged copyright infringement, unpaid royalties and alleged breach of contract, respectively); for an alleged sexual assault for which they were claimed to be liable; and several others. (Soul Culture UK)
Outside of legal reports, Birdman is currently preparing the release of various Cash Money records throughout 2012.
Baby’s ambition is clear: the flamboyant Cash Money CEO wants to release 16 albums under the YMCMB umbrella within the first six months of this year. “I think bringing Fred [Durst] and Limp Bizkit to the team gives us a different look,” Birdman says. “We dominate rap, but we’re also trying to grow in different areas; Pop, rock, gospel, country.” Already, there’s a rash of artists under the YMCMB umbrella with music on the way. Bow Wow‘s, Underrated, LP and Lil Twist‘s, Don’t Get It Twisted drop a week apart on March 13 and March 20, respectively, while Nicki Minaj‘s, Pink Friday: Roman Reloaded is slated for April 3. New albums from Busta Rhymes and Mystikal–also new YMCMB signees–have summer release dates as well. (XXL Mag)
(Source: Sohh.com)
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