News: UPDATE: Birdman's Cash Money/EMI $491,000 Problem Flies Away
Monday, Mar 26, 2012 1:00PM
Cash Money Records' co-founder, Birdman, has reason to show off his gold-plated grills these days, with reports claiming that the estimated $490,000 lawsuit against YMCMB is now finally settled.
While details are still slim, both sides have come to an amicable agreement.
EMI has settled its lawsuit with Cash Money Records over unpaid licensing fees that appeared to be connected to Lil Wayne's Tha Carter III. In 2009, EMI had sued Cash Money for "direct, contributory and vicarious inducement of copyyright infringement, unfair competition and breach of contract," after which a judge ordered Wayne's label to pay EMI $1.5 million. Last week, EMI filed a complaint that stated that Cash Money still owed them $491,176.16, and was suing to get it back. At the time, EMI refused comment, while Cash Money merely said it would be resolved "amicably." Today, that appears to be the case. In a joint statement released exclusively to Billboard.biz, the labels said "Cash Money Records and EMI Music Publishing have amicably settled EMI's recent lawsuit and their financial disputes on various record releases. The companies look forward to working together on future projects." (Billboard Biz)
Just last week, details of the lawsuit placed Birdman in the hot seat once again.
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 owed 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)
The EMI case is just one of many legal woes Cash Money has experienced in recent years.
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)
Check out some recent Birdman footage down below:
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