Less than a day following the news that Swizz Beatz and Timbaland were suing Triller to the tune of $28 million for breach of contract concerning the Verzuz platform, the company has responded with a statement, saying that not only have Swizz Beatz and Timbaland already been paid an overwhelming amount, but also the two super producers have not yet met the additional requirements to receive the remaining balance.
TMZ first reported that the TikTok rival was firing back at Swizz and TIm, saying that their agreement with Triller is far different than how it is being presented to the public. “This is not a feud over Verzuz, but simply about earn-out payments to Swizz and Tim,” said Triller’s official statement. “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.”
Triller continued with claims that Swizz and Timbaland have not met the terms of their initial agreement:
“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.”
Swizz Beatz and Timbaland’s lawsuit reads “To date, Defendants have failed and refused to make any payment to [Swizz Beatz and Timbaland] of the past due sums due and owing.”
To the dismay of many fans, Verzuz was sold to Triller in January 2021.
The post Triller Responds To $28M Verzuz Lawsuit: Swizz And Tim Have Been Personally Paid Over $50 Million In Cash appeared first on The Source.