Lil Wayne's Young Money Sued, Risks Losing Website Domain Name
Lil Wayne is being sued by the business that sold his company the domain name for YoungMoney.com.
Lil Wayne's Young Money is being sued, according to TMZ.
The lawsuit claims that the company that owned youngmoney.com, a business meant to help young entrepreneurs manage and make money, existed before there was a Young Money imprint. They reportedly sold the domain name to the Rap label.
They sold the domain name in 2011 for $600,000. At the time, their sale also stipulated that if Young Money didn't make payments on time, the imprint would forfeit youngmoney.com and the domain name would return to the seller. Lil Wayne's Young Money reportedly still owes $250,000 and has disregarded its obligation to pay, according to the report. The sellers are now suing for the domain name.
Young Money has yet to comment on the lawsuit.
Young Money released Rise Of An Empire earlier this year, a compilation project that features appearances from Lil Wayne, Nicki Minaj and Drake. "This compilation is a very special release for the label," Young Money Entertainment Chief Operating Officer [COO] Cortez Bryant said of the effort when it was released. "We Are Young Money helped launch the careers of our first generation of acts with Drake, Nicki Minaj, and Tyga. Even though we've been honored with accolades as a company, our hunger hasn't diminished or dwindled. We're hungrier than ever, and we're still building. That goes hand-in-hand with the title Young Money: Rise Of An Empire. We're not going anywhere. We don't plan on stopping—ever. Our goal is the expansion of this Empire with the next generation of kings and queens ruling."