Aug 16, 2022
RawNews1st – Timbaland & Swizz Beatz have filed a $28 Million Lawsuit against Triller. In January 2021, they sold VERZUZ to Triller; but they now claim they have not been paid.
According to Timbaland & Swizz Beatz, only one small payment has been made.
The TikTok rival bought the popular livestream show last year, but its founders now say Triller still owes them tens of millions.
But in a lawsuit filed Tuesday (Aug. 16) in Los Angeles Superior Court, Timbaland (Timothy Mosley) and Swizz Beatz (Kasseem Daoud Dean) say Triller has failed to actually pay for the company it purchased.
After initial payments last year and early this year, the pair of hitmakers say the company has refused to hand over more than $28 million that they’re still owed.
According to Tuesday’s lawsuit, under the terms of Triller’s deal to buy Verzuz, the first cash payments to Timbaland and Swizz Beatz were due January 2021 and April 2021 – both of which Triller successfully made. But when another payment was due in January 2022, the producers say the company failed to pay.
The two sides quickly reached a settlement to avert a dispute by agreeing to a new payment plan, the suit says, and Triller made the first payment under that new agreement in February.
But the settlement agreement required Triller to pay another $18 million by March 17, plus $1 million more per month for another 10 months – and Timbaland and Swizz Beatz say those payments have never been made.
In a statement to the Post regarding the creator program, Triller’s CEO Mahi de Silva said the company “has met its financial commitments to the creators in this program and will continue to do so.
We specifically take pride in our role in creating a platform that celebrates Black creator content,” he told the newspaper.
“No other medium has done as much as Triller has for this often overlooked and underrepresented part of the creator economy.”
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