Jas Prince, the person who introduced Drake to Lil Wayne and Cash Money, has reportedly settled his lawsuit with Cash Money Records over Drake’s royalties.
The Jasmine Brand reports that Jas Prince is working out an undisclosed number with the label. Jas Prince has been frequently in court this month to get money he is rightfully owed after filing a federal lawsuit last year. In February, we wroteabout Jas Prince’s claims that he only received about $2 million for Drake’s royalties from Cash Money, which is very little compared to the larger sum he was promised. He says that Drake made the label $40 million.
Jas Prince’s lawsuit with Cash Money contains a lot of details, so we’ll break it down. In 2007, he discovered Drake and signed him to Aspire Music Group. Shortly after, Cash Money approached Jas Prince and they offered him a deal to bring Drake to the label. The stipulations were they had to agree to pay 22 percent of all Drake’s advances, net profits and other advances to Jas Prince and Aspire.
In a separate lawsuit that’s reportedly still ongoing, Jas Prince sued Lil Wayne’s manager Cortez Bryant, who is the founder of Aspire, for not being properly paid after their Cash Money deal. Bryant says Jas Prince was paid his percentage from Cash Money already. Bryant also says Cash Money owes money to Aspire from Drake’s royalties, and he doesn’t have to pay Jas Prince directly.
On Oct. 6, Jas Prince went to court and demanded they move on the lawsuit for fear he wouldn’t get his money from Cash Money. Per the deal he signed with Aspire, Jas Prince explained he is owed commission for Drake’s royalties, which the amount is now $11 million. Furthermore, he accused Bryant and Aspire for not collecting from Cash Money due to their relationship with Wayne and Young Money.
On Oct. 20, in new documents filed in a federal court, Jas Prince stated that he reached a settlement with one of the two shareholders of Aspire. He expects a deal to be finalized soon.
Got the drop on Complex . . .