Less than 24 hours after the news broke that Swizz Beatz and Timbaland were suing Triller for $28 million regarding their Verzuz deal, the company has officially responded. Via a newly released statement, Tiller claims that not only have Swizz Beatz and Timbaland already been paid a significant amount, but also the two hip hop producers have not yet met the additional requirements for further payouts.
@TMZ exclusively reports, Triller is firing back against the multi-million-dollar lawsuit filed against them by Swizz Beatz and Timbaland—and their side of things is very different as it relates to Verzuz and alleged money owed. A representative for Triller provided an official statement saying, “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.”
Triller continued with claims that Swizz and Timbaland have not fulfilled the initial terms of their 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.”
As we previously reported, 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.”
You’ll recall that Verzuz was officially sold to Triller back in January 2021, a decision that was met with immediate criticism from fans.