Lil Wayne really wants off Cash Money. And he wants a lot of money on his way out.
Tunechi filed a lawsuit not only asking a judge to let him out of his contract with the label, but also for $51 million, according to a document posted by lawyer Mark H. Jaffe on Scribd, as pointed out by The Fader. He’s claiming that his longtime home, and its co-founder, Birdman (though he’s not directly named in the suit), owe him over $10 million for his long-delayed upcoming album, Tha Carter V — along with plenty of other money owed.
In addition, Weezy is asking the judge to rule that he owns the copyright to recordings by Young Money and its artists — whose parent label is Cash Money. That includes, of course, Drake, Nicki Minaj and Tyga, among others.
“By failing to pay Carter the monies due to him for the recording and delivery of the solo album ‘Tha Carter V’, Cash Money has overtly, positively and unequivocally communicated that it has repudiated its future obligations with regard to the 1998 Recording Agreement, as amended,” the suit claims. “Based upon the foregoing, Carter’s future obligations to perform pursuant to the 1998 Recording Agreement, as amended, would be fruitless and should be deemed terminated.”
Basically, because Wayne says Cash Money has not paid him, he should no longer have to fulfill his contract to them. And the same goes for their ownership stake in Young Money.
Also included in the suit:
• In April 2012, Wayne agreed to give Cash Money four more solo albums and one joint album (he’s dropped one, I Am Not A Human Being II, since then).
• That same 2012 agreement stated that he’d get paid $10 million per album.
• There have been issues for four years with regards to Wayne’s solo work and Young Money.
• Cash Money allegedly hasn’t paid Young Money for Drake solo recordings since early 2012.
• Cash Money allegedly hasn’t paid “various third parties involved with recording artists” signed to Young Money, which has resulted in Young Money getting sued.
• Cash Money “has not registered Carter as a co-owner of the sound recordings contained in the album entitled ‘I Am Not A Human Being II.’
• Cash Money owes him royalties for his own music and Young Money artists’.
This sure looks like the end of an era. Stay tuned for more developments.