Young Thug has reportedly settled his long-running lawsuit from music giant AEG (Anschutz Entertainment Group) for allegedly owing millions over a 2017 touring agreement.
According to a new report from Billboard, a motion filed in federal court on February 14 revealed that attorneys for both sides had “entered into a settlement” that was then finalized by a judge days later. Terms of the deal were not disclosed.
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The suit was originally filed in late 2020. AEG took additional legal action after Thug sold his publishing to Kobalt Music for $16 million the following year. The company argued that Thugger signed a deal with them in 2017 which saw him receive a $5.25 million loan – and after failing to pay the money back, they claimed he relinquished the copyright to his publishing to them.
As part of Thug’s default on the loan, AEG also argue that they received the rights to promote the YSL leader’s live shows.
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“Despite having granted AEG the exclusive right to promote Mr. Williams’ concert performances under the terms of the 2017 Artist Agreement, YSL and Mr. Williams immediately failed and refused to honor their respective obligations under the 2017 Artist Agreement by, among other things, disregarding AEG’s rights, performing concerts without AEG’s involvement, and retaining all proceeds generated therefrom,” AEG lawyer Kathleen Jorrie said at the time.
The company also claimed that Thug put up some of his intellectual property rights as collateral in the agreement. Subsequently, AEG argued they “have the right to take control of the Young Stoner Life brands, portions of his publishing catalog and the Young Thug trademark.”
Proceedings were paused after the rapper was arrested as part of the high-profile RICO case against his YSL collective, however. But once Thug was released from jail in October, AEG revisited the suit, seeking the initial $5.25 million loan repayment plus interest, as well as any money the rapper made from his deal with Kobalt.
In related news, a judge recently ruled that the state of Georgia must return Young Thug’s jewelry seized during his May 2022 arrest as part of the YSL racketeering case.
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According to a report from The Jasmine Brand on Wednesday (February 26), items set to return to Thug’s possession include a Rolex Datejust with “King Slime” engraved, a diamond cross pendant, a necklace with green jewels, a diamond tennis necklace and two diamond stud earrings. The pieces will be returned not to Thug, but instead to jeweler Rafaello & Company.
