By CultureBanx Team
- Swizz Beatz, Timbaland Reach Settlement Agreement in $28M Triller Lawsuit
- At the time of the lawsuit, Triller said that Swizz Beatz and Timbaland had received more than $50M in cash and stock to date
Triller and Verzuz founders/music producers Timbaland and Swizz Beatz have settled their lawsuit, after the music heavyweights sued the service last month for $28 million, Variety reported. To help propel the company’s live events business, Triller acquired Verzuz last year. At the time of the lawsuit, Triller said that Swizz Beatz and Timbaland had received more than $50 million in cash and stock to date related to the acquisition of Verzuz and that there was only one $10-million payment in question.
Why This Matters: The lawsuit brought by the hip-hop heavy weight producers was one of several the company is facing over allegations it owes money to business partners. The Washington Post reported that Black video creators failed to receive payments in a timely manner, with the Post describing some payments as “erratic” and “in some cases, nonexistent.” Last month, Sony Music sued Triller for copyright infringement, saying it is owed millions of dollars. In February 2021, Universal Music Group accused Triller of withholding payments from artists. Triller at the time denied withholding payments.
Timbaland and Swizz Beatz’ lawsuit alleged that Triller had failed to make a significant payment to the duo in January of this year, and that the service had agreed in a settlement to pay them a total of $18 million in March, followed by $1 million a month for the following 10 months, but that none of those promised payments had been forthcoming this year.
“We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand,” Swizz Beatz and Timbaland said in a statement.
What’s Next: Six Verzuz challenges have aired so far in 2022 with more to come, and specific terms of the settlement were not given. Triller told Variety that “the settlement will increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
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