Swizz Beatz and Timbaland filed suit against Triller Tuesday night, demanding $28 million in what’s allegedly unpaid fees from the video-sharing app’s 2021 acquisition of the rappers’ music brand Verzuz.
In legal documents obtained by TheWrap, the two stars, who launched Verzuz on Instagram in March 2020, say they are owed not only the remaining payment, but additional costs and expenses, including legal fees.
The documents reveal that Triller made the first of its scheduled payments on the deal, but defaulted on payments due in January and March. Despite having been sent multiple notices, the lawsuit alleges, the company has still not paid the agreed-to amount.
“Defendants have failed and refused to respond to plaintiffs’ written notice and demand for payment,” lawyers for Swizz Beatz and Timbaland wrote in the complaint. “To date, defendants have failed and refused to make any payment to Mosley and Dean of the past due sums due and owing, and defendants continue in default of their payment obligations.”
In a statement shared with TheWrap on Wednesday, Triller said that the Verzuz founders have misrepresented the issue: “This is not a feud over Verzuz, but simply about earn-out payments to Swizz and Tim. Swizz and Tim have personally been paid by Triller over $50 million in cash and stock to-date, and they stand to benefit even more over time. In addition, they have annual obligations, which if met, and no breach has occurred, entitles them to additional payments.”
The statement continued, “Only one payment of $10 million is in question. We do not believe they have met the thresholds for that payment yet, which include, but are not limited to, delivery of a set number of Verzuz events for 2022. We have been trying to resolve this amicably and this does not affect Verzuz operations or Triller’s ownership of Verzuz. If this does proceed in court, we look forward to a judgment
that weighs all the facts.”
Pamela Chelin contributed to this report.