“We are pleased that the parties were able to reach an agreement and resolve this matter amicably,” Uncle Snoop’s lawyer Alex Weingarten told the publication on Friday (October 7).
Snoop signed a three-year endorsement deal with Pabst Brewing Company to be a brand ambassador for Blast by Colt 45, a new fruity-malt liquor beverage the company had launched.
Weingarten says Snoop should have received 10% of the selling price should Pabst be sold prior to January 2106, in line with the phantom equity clause within the agreement. Pabst was sold to Blue Ribbon Intermediate Holdings for $700 million in 2014 triggering the phantom equity clause.
Pabst avoided paying Snoop so he was never paid out his share from the company selling to Blue Ribbon.
The details and amount of the settlement agreement are unknown.