About two years ago, super-producers Swizz Beats and Timbaland presented the public with a virtual "music catalog" battle that lasted about five straight hours during the thick of the COVID quarantine period. This would go on to become the premise and blueprint for what is now known to the world as Versuz battles. The duo sold their idea to the social media platform known as Triller for $28 million in 2021. But according to a lawsuit that was recently filed by Swizz Beats and Timbaland, their "buyer" neglected to continue with payment installations after having only made two. Now, Triller is being sued by the tandem for more than $28 million.
A representative from Triller recently issued a statement regarding the matter at hand. "This is not a feud over VERZUZ, but simply about earn-out payments to Swizz and Tim. 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 rep 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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Source: TMZ
