Details about Lil Wayne’s $51 million lawsuit against Cash Money Records and its co-founder Birdman has surfaced… and details some of the alleged shady practices of one of the most successful labels in hip-hop history.
Shockingly, it shows that Weezy isn’t the majority owner of his own imprint, Young Money. Birdman is.
Below are some bullet points from the 21-page lawsuit, published online.
1. Lil Wayne’s Young Money imprint is technically not owned by rapper, but instead by Birdman who owns a controlling 51% interest in the label, while Weezy owns 49%.
2. Cash Money Records failed to provide Weezy and/or Young Money with accounting statements and payments of net profits for years.
3. Since early 2012, Cash Money has failed to provide monthly accounting statements and/or failed to pay Young Money its share of receipts with regard to Drake’s recordings, who is signed to Young Money.
4. Cash Money has failed to provide a single accounting in respect to Drake recordings, despite Drake being one of the best-selling recording artists in recent years.
5. Cash Money has failed to pay Young Money any royalties for recordings owned and commercially exploited by Young Money.
6. Cash Money failed to properly register the copyright in the Young Money Label recordings as jointly owned by Cash Money and Carter/Young Money LLC.
7. Cash Money would refuse to sign artists that Lil Wayne brought to join Young Money.
8. Cash Money failed to account to and pay third parties (i.e. producers, etc.) involved with recording artists signed to Young Money.