The site says Prince filed court documents Tuesday (October 20) that say he has reached an agreement with one of the shareholders of Aspire Music Group . Once that deal is finalized, the case will be over.
Prince sued Cash Money and Aspire Music Group because he said he was not properly compensated for his work with Drake. His most recent demand from the label was $11 million.
(This article was first published on October 13, 2015 and is as follows.)
Prince sued the label in February asking for royalties from Drake‘s music. He claimed that Drake has made Cash Money $40 million and that he only saw $2 million for his role in the Toronto rapper’s career.
Prince sued Drake’s management in 2012 for breach of contract and failing to properly compensate him. Prince says he signed Drake to Aspire Music Group in 2007. When negotiating a deal with Cash Money, the two parties agreed that Prince and Aspire would receive 22 percent of Drake’s advances.
Prince says that when he left Aspire, he negotiated a “Settlement Agreement & General Release Agreement” with the company to continue receiving money from Drake.
Cash Money says that it doesn’t owe Prince any money, but is paying Aspire according to contract.
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