LOS ANGELES (CelebrityAccess) – Producers Swizz Beatz and Timbaland sued Triller for $28M for breach of contract. In their lawsuit, the duo claimed that the company failed and refused to pay their past due monies after its acquisition of their Verzuz music battles. At the time of the filing, Triller claimed to have paid them both and was seeking a resolution.
“This is truly unfortunate, and we hope it is nothing more than a misunderstanding driven by lawyers,” Triller said in a statement to Rolling Stone, at the time.
“We do not wish to air our dirty laundry in the press, but we have paid Swizz and Tim millions in cash and in stock. No one has benefited as much from Triller to date. Triller has helped fuel Verzuz to new heights — making it the global cultural phenomenon it is today. We hope to resolve this amicably and quickly, and truly hope it’s just a misunderstanding. If we are forced to defend it, we are more than optimistic the truth and facts are on our side.”
Les than a month later, they’ve reached a settlement.
On Thursday (September 22), Swizz Beatz, Timbaland, and Triller announced they’ve reached a settlement agreement over the Verzuz acquisition.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” Swizz Beatz and Timbaland shared in a statement. “We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand.”
As part of the settlement, Triller is set to “increase the ownership stake given to the artists that Timbaland & Swizz Beatz brought to Triller as part of the original deal.”
Despite the trials and tribulations they’ve experienced following the acquisition, Swizz Beatz and Timbaland continue to be proud of what Verzuz has done for the culture. What’s more, the duo expressed that they were also pleased with Triller’s “willingness to celebrate and showcase artists.”
“VERZUZ and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” said Bobby Sarnevesht, Executive Chairman and Co-Founder of Triller, in a statement. “Creators started this and will continue building it. This is a victorious moment in the Triller and VERZUZ relationship as we march together toward the public markets. Stay tuned.”