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Young Jeezy's Business Partner Sues Him & Def Jam For $5 Million In Unpaid Profits
posted Tuesday August 21, 2012 at 03:43PM PDT | 18 comments
Demetrius Ellerbee claims that Young Jeezy cut him out of the equation.
Demetrius Ellerbee, business partner to Young Jeezy, has filed suit against the rapper and Def Jam Recordings, claiming the defendants have failed to share millions of dollars in profits from songs he helped produce and promote.
According to The Atlanta Journal-Constitution, Ellerbee, who said he founded CTE Music with Jeezy in 2000, filed the suit in Fulton Count Superior Court. He asserts that he has seen little of the millions in advances and royalties paid to the company. He claims Jeezy intentiontally “misappropriated” funds and directed them to personal accounts.
Ellerbee claims that he’s owed $5 million, a number that could inflate when royalties and interest are taken into consideration. He says he’s still awaiting an accounting of all Def Jam payments to CTE in order to find out exactly how much he’s owed.
“They were partners," said Ellerbee’s attorney Mario Breedlove. "They started the company together. They grew the company together. And he's entitled to one-half."