Swizz Beatz and Timbaland settle their recent lawsuit against Triller over acquisition payments from selling Verzuz to the company.
Source: Paras Griffin / Getty
Verzuz masterminds Swizz Beatz and Timbaland sued Triller back in August after selling the company to the social media platform a year and a half prior. When Triller purchased Verzuz they agreed to pay $18M by the end of March 2022 and another $1M every month for 10 months. In their lawsuit, Swizz and Timbaland claimed they never received their money and instead received a few payments that were allegedly late. This prompted the duo to sue for their money from the acquisition.
Swizz Beatz & Timbaland Settle Verzuz Acquisition Lawsuit With Triller
Yesterday all parties revealed the lawsuit had reached a settlement deal over the late payments.
“VERZUZ has always been a platform that is by the artists, for the artists and with the people,” Swizz and Timbaland said 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.”
The scope of the settlement has been revealed but both sides did confirm that ownership given to artists that were involved with Verzuz will be increased. Of course, Triller released their own statement as well downplaying the lawsuit.
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” says Bobby Sarnevesht, the Executive Chairman and Co-Founder of Triller. “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.”
Since all parties are now at peace we can assume a Verzuz is headed our way soon.