Cash Money Rep: "Cash Money Records has been in contact with EMI and will be resolving this amicably"
EMI has sued Cash Money Records over late payments.
According to a complaint filed by the major in the U.S Federal Court in the Southern District of New York, Cash Money has failed to make payments due to the major for undisclosed music it licensed, which somehow was connected to Lil Wayne 's 2008 album "Tha Carter III," the only Cash Money record named in the complaint.
According to the court documents EMI first sued Cash Money on Nov. 29, 2009, for "direct, contributory and vicarious inducement of copyyright infringement, unfair competition and breach of contract," in a case that was ultimately settled on Feb. 17, 2010.
As part of that settlement, Cash Money paid $1.5 million at that time, as the first of two payments, with the second one had been due within 180 days.
According to the EMI complaint, filed on behalf of the major by New York-based The Roth Law Firm, Cash Money failed to make that second payment and now owes $392,940.93 cents, which is covered by a late payment penalty of 1.25 damage that makes total funds of $491,176.16 due to the major.
EMI declined Billboard.biz's request for comment; a Cash Money rep said, "Cash Money Records has been in contact with EMI and will be resolving this amicably."
- Hip-Hop