Urban ties severed.
Sanctuary Group said today (July 10) it has "amicably settled" all disputes with a triumvirate of former urban artist managers.
Publicly-listed Sanctuary said litigation had started in February after Music World/Sanctuary Urban Group sacked Troy Carter, Julius Erving III and Tony Davis. In a statement issued today, the London-based independent music company also said it demanded arbitration seeking the return to the Sanctuary Urban division of the purchase price paid for the businesses and the various salaries and other benefits paid to Carter, Erving and Davis, plus interest.
Sanctuary said it had become evident that neither party would likely reach a satisfactory judgment and that costs of the litigation proceedings were likely to be "substantial."
Sanctuary Urban, the statement added, accepted the resignation of Davis, Carter and Erving with effect from Nov. 10, 2005.
Proceedings began after Sanctuary Group terminated the five-year contracts of the three managers on Nov. 11, 2005, before they expired, claiming justifiable cause to end their employment.
The settlement closes a chapter on Sanctuary's dalliance with the urban music genre. The independent music company on July 6 revealed it had sold its Music World Entertainment, Productions and Management to Mathew Knowles for $5 million. Knowles now regains management control of a number of urban artists contracted to MWE. Sanctuary had previously closed its urban records unit.