As most know, it’s not always easy to be rich and successful. For instance, Page Six reported this week that Lil’ Wayne is currently being targeted by one of his old managers in a $20 million lawsuit regarding supposedly unpaid funds.
Court records obtained by TMZ this week claim that the 38-year-old rapper never paid Ronald Sweeney the money he reportedly deserved from a lawsuit settlement with Cash Money Records.
Billboard reported on comments from Wayne in the past in which he claimed his record label had violated their agreement by delaying the release of his record, Tha Carter V, and also withholding some of the money.
In 2018, the case between Lil’ Wayne and Birdman’s record label came to a close and Lil’ Wayne reportedly walked away with $10 million. It was one of the biggest financial stories in hip-hop when it went down and led to a long delay of Wayne’s anticipated record.
However, Lil’ Wayne’s manager says he was never paid for his work in the deal. A story from Forbes, published in 2018, claimed Sweeney was one of the people who worked hard at hammering out the details of the deal.
The outlet reported on Sweeney’s remarks on the idea of what he called, “Fools Gold,” which is when an artist asks for more money upfront while simultaneously giving up more of their rights on the back end.
He said artists often think they’re getting a sweeter deal, but really they’re just giving up publishing rights and other income streams that would benefit them a lot in the future.
Forbes Magazine reported that Sweeney’s work with Lil’ Wayne ended with the rapper being able to settle his negotiations with Cash Money while also getting to own his master recordings, in addition to all of Young Money Entertainment.
The new court documents from this week feature Sweeney and his team claiming that he was a big part of Wayne’s deal with Cash Money. In fact, he was the one to reportedly renegotiate it. Moreover, he says he was given a 17% commission.
However, Sweeney lost his job back in September 2018 after a fight with Bryant and Mack Maine. According to TMZ, Sweeney claimed Lil’ Wayne had more than enough money to pay him because he had sold the rights to his master recordings to Universal Music Group back in June of this year.