Last week, former hedge-fund manager Steven Lamar filed a legal action against Dr. Dre, Jimmy Iovine and others regarding Beats Electronics, according to The Hollywood Reporter. Earlier this month, it was reported that Apple is set to purchase Beats Electronics for $3.2 billion.
Lamar accuses the Beats Electronics frontmen with breach of contract and is seeking as high as a four percent royalty rate for sale of the company’s headphones, among other claims.
Lamar “is suing Iovine, Dre, Beats, Pentagram and H&A for breaching the terms of the settlement agreement and royalty agreement,” The Hollywood Reporter says in its story. “He’s suing the same parties for bad faith denial of contract; suing Brunner, Pentagram and H&A for breach of fiduciary duties; and suing Brunner for tortious interference for allegedly inducing Iovine/Dre/Beats to renege on their contractual obligations made eight years ago.”
According to his filings, Lamar in 2006 took the concept of celebrity-endorsed headphones to Iovine. Once Beats Electronics signed with Monster, LLC for distribution, Lamar’s filing says that Dr. Dre and Iovine were slated for a 20 percent royalty and Lamar and his Jibe Audio company a five percent royalty.
In July of 2006, Dr. Dre and Iovine filed a lawsuit against Lamar, Jibe, Pentagram (a design firm reportedly used by Lamar to design the line of headphones) and SLS International (where Lamar was president at the time) regarding Beats, accusing them of not living up to their contractual obligations and of planning to release their own line of “Beats” headphones without Dr. Dre, the Hollywood Reporter says.
Dr. Dre and Iovine settled that case and agreed to pay Lamar and his co-defendants a four percent royalty on certain headphones, though which ones was not specified.
Lamar’s filings claim that Pentagram and Hinrichs & Associates, its tax and auditing firm, collected payments and other monetary compensation for additional headphones also covered through its agreement.
Lamar’s cross-filing against Dr. Dre, Jimmy Iovine and Beats Electronics is as follows:
RELATED: Apple Reportedly Purchasing Dr. Dre’s Beats Electronics For $3.2 Billion
aint nobody got time to read all that
lol!
Thats sounds like some snake shit. Jimmy and Dr Dre are crabs.
that’s why stupid monkeys like you never go anywhere in life because you never like to read. man im just NOT IMPRESSED…
i got my own mf’in court documents to read over!
i knew something like this would happen when i saw dre and niggas went and did that youtube shit even before the deal was finalized lol this is why niggas can’t ever get wealthy lmao
they shouldnt have put that shit on youtube
Never gets old huh… Where there’s someone who makes some money, there’s someone else who is ready to sue.
Similarly when there’s someone who makes a buttload of money there is usually a whole list of people who got fucked over along the way..
hahahaha this guy knew all along and was waiting for the pay day. they’re going to pay him big time too
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See what happens when you celebrate too damn early, Andre? And that deal has yet to be signed. The minute you and that bald headed negro Tyrese started popping bottles and bragging, here come the lawsuits. It’s come to bite you clowns in the ass. Now, if only your team of producers would grow some balls and sue your ass for stealing credit from them all these years.
the lawsuits were gonna come before or after they signed the deal, dont really matter
Yeah that’s the only reason lawsuits are happening. People never sue in America otherwise… You’re a fucking retard lol go drink bleach
dam guess the billionare status just went down what the fuck dre
wait they didn’t do the paper work yet so I guess hes still good
Mo Money, Mo Problems
This dude wont get nothin from the billions they are selling the company for. He might receive a percentage from “certain” headphones but that doesn’t entitle him to profits made from the sell of the whole company. Atmost the contract he signed will transfer to the new company owner unless they decide to discontinue those “certain” headphones. So Calm Down Dre Haterz the B still stand for BILLIONAIRE!
After taxes, he’s looking at a net worth of $8 hundred million. YOU calm down.
lol at the nigga above me who thinks he does Dre’s taxes…smh
Mo Money Mo Problems
when you approach a billion , it comes with a million problems
Jimmy boy in pictures be like : people are looking at me, I’m so important, flaunts fake teeth. N!gger.
So he wants $96,000,000 to go away?
96+30=126
Was this not the same place that 50 Cent had his headphones contracts? Seems like someone went in to get technology and then was released from their Interscope contract after people got what they wanted. Sounds shady.
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