Triller has responded to Swizz Beatz and Timbaland‘s $28 million lawsuit.
In a statement obtained by TMZ, the video-sharing social networking company claimed the Verzuz co-founders have already collected over $50 million in cash and stock after selling them their idea. It also alleged Swizz and Timbo haven’t fulfilled a Verzuz quota, resulting in the dispute.
“This is not a feud over VERZUZ but simply about earn-out payments to Swizz and Tim,” the statement read. “Swizz and Tim have personally been paid by Triller over $50 million in cash and stock to-date, and they stand to benefit even more over time.
“In addition, they have annual obligations, which if met, and no breach has occurred, entitles them to additional payments.”
The statement continued: “Only one payment of $10 million is in question. We do not believe they have met the thresholds for that payment yet, which include, but are not limited to, delivery of a set number of VERZUZ events for 2022.
“We have been trying to resolve this amicably and this does not affect VERZUZ operations or Triller’s ownership of VERZUZ. If this does proceed in court, we look forward to a judgment that weighs all the facts.”
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News of the pending lawsuit surfaced on Tuesday night (August 16) via TMZ. Court documents claimed Triller defaulted on its agreement after just two payments.
Swizz and Timbo said they settled with Triller after the initial default, but alleged the company continued to make one installment and then failed to pay the remaining balance.
Swizz Beatz and Timbaland started Verzuz in 2020 amid the COVID-19 pandemic when live music came to a screeching halt.
In March 2021, Verzuz was acquired by the Triller Network, the parent company of the popular Triller app. As part of the deal, the two Grammy Award-winning producers joined Triller to help oversee its music department.
They are seeking $28 million in damages plus interest.