Timbaland and Swizz Beatz are suing Triller over failed payments by the company for VERZUZ.
The two super producers are taking Triller to court for breach of contract, alleging they’re owed more than $28 million from the video-sharing social network. Triller acquired VERZUZ in early 2021 for an undisclosed sum following the expiration of their Apple deal. The two also joined the Triller VERZUZ management team to help oversee music and other company strategies, in addition to being large shareholders in Triller Network.
In the lawsuit, Timbo and Swizz say that Triller defaulted on the deal after only two payments. It was to be paid in installments: the first at closing, another shortly after and two more on the first and second anniversaries of the deal. Triller only made the first two scheduled payments and defaulted on their agreement in January 2022, according to the complaint filed in L.A. County Superior court by attorneys from Singh Singh & Trauben, reports Hollywood Reporter.
After failed payments, the two sides reached a settlement to avoid a dispute by agreeing to a new payment plan and Triller did make the first payment under that new agreement in February. But the settlement agreement required Triller to pay another $18 million by March 17, plus $1 million more per month for another 10 months. But Timbaland and Swizz Beatz say those payments were never made.
Timbaland and Swizz Beatz are seeking compensatory damages of $28,095,000 plus attorneys’ fees and costs, as well as pre-judgment interest in the suit.
