The $28 million lawsuit filed against the video-sharing app platform Triller by music producers Swizz Beatz and Timbaland has come to a fast close. Timbaland and Swizz Beatz reportedly settled on Sept. 22, after a month of negotiations. The two claimed Triller owed them money over Triller’s purchase of the music battle platform they had created, “Verzuz.”
Why the Veteran Producers Sued
Thriller acquired “Verzuz” in 2021. After the suit was filed,Triller said it paid Swizz Beatz and Timbaland more than $50 million in cash and stock to date and that there was only one $10-million payment in question, according to Variety.
But Swizz Beatz, who has a net worth of $150 million, and Timbaland, who has a net worth of $85 million, claimed that Triller agreed to pay them a total of $18 million by March 20, 2022, and an additional $1 million every month for the subsequent 10 months, Complex reported. Timbaland and Swizz claimed Triller failed to make those payments and demanded the $28 million they said they were owed. The two got support for music heavyweights like Diddy, who announced they would not engage with Triller until the issue was addressed. In fact, Diddy and Jermaine Dupri agreed to do a non-:”Verzuz” battle.
“We don’t believe they have met the thresholds for that payment yet, but have been trying to resolve it amicably,” Triller said then, later adding, “We hope this was just overzealous lawyers jumping the gun.”
No Legal Battle, Settlement Instead
The parties have all agreed to settle.
“We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand,” Swizz Beatz and Timbaland said in a statement, according to the Los Angeles Times.
Specific terms of the settlement were not revealed. But a statement did announce that “the settlement will increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
So far, there have been six “Verzuz” challenges that have aired in 2022.