Def Jam co-founder Russell Simmons and Run-DMC’s Reverend Run are making weekend headlines for allegedly holding back profits with a foot apparel business partner.

Details of the allegations and accusations bubbled online Sunday (January 20).

Russell Simmons’ and Reverend Run’s business partner has declared war on the hip hop moguls — claiming they’ve hijacked MILLIONS in profits from their kids shoe company … and now, he’s gearing up to sue. Lawyers for Rasheed Young — President of Run Athletics — sent Russell and Rev. Run a letter back in November, accusing the brothers of secretly funneling millions in revenue from their Pastry brand of footwear … into a company that Rasheed isn’t a part of. Rasheed claims Pastry has raked in tens of millions in sales — and so far, he hasn’t seen a penny of it. (TMZ)

Not only does the plaintiff want both hip-hop moguls to clear up the mess but he is also demanding a share in the allegedly owed profits.

Sources close to Rasheed tell TMZ, Russell and Rev. Run have been stonewalling him ever since he sent the letter — refusing to respond to Rasheed’s demands — so now he’s cranking up the legal heat. Rasheed’s demanding the Simmons brothers fix the screwed-up business structure ASAP … and pay him his share of the shoe profits. If they don’t, Rasheed says he’ll sue. Calls to Russell and Rev. Run’s people haven’t been returned. (TMZ)

According to Simmons’ Rush Communications website, Run Athletics started up nearly a decade ago.

Run Athletics launched in fall 2003 by Hip Hop visionary Russell Simmons and his brother Joseph Simmons, (a.k.a Rev Run) former member of rap group RUN DMC. Rev Run, of MTV’s Reality Show, Run’s House, which is currently in its fifth season. The show has been an enormous success and that family values are priority in Run’s life. His insight on sneakers and notoriety as an artist have attributed to the success of the Adidas Supestar (a.k.a The Shell Toe) and the Phat Classic sneaker. (Rush Communications)

The Pastry line is reportedly spearheaded by Rev. Run’s daughters.

The Pastry program designed by Run’s daughters, Vanessa and Angela Simmons was launched in 2007. The line has been an overwhelming success in the female, juniors and young adults markets. The Run Athletics 2008 Spring collection highlights the ICON Collection. The first installment honors the legacy of Joseph Simmons a.k.a Rev Run. The ICON is a classic silhouette available in White/White, White/Black, and Black/Black. (Rush Communications)