Atlanta rapper Young Thug has escaped one legal issue just to be embroiled in another after leaving jail after his RICO case.
According to AllHipHop, the YSL recording artist is being sued by AEG (Anschutz Entertainment Group) after the company accused Young Thug of defaulting on a loan it gave his recordingin 2017. The company also stated that it was left
out of a $16 million sale of his catalog, which they were entitled to share in the profits because the copyrighted music sold was supposed to be collateral for the loan given to YSL.The entertainment company claims Young Thug violated an agreement when he sold over 400 compositions.
Young Thug’s label, YSL, was given a loan of $5.25 million in exchange for
exclusive global rights to promote live shows the artist would have performed. AEG expected the label to pay back the money, including interest while sharing concert revenue that involved third-party promoters.AEG also claims that Young Thug and YSL defaulted on the $5 million loan and misrepresented their finances to fulfill the repayment promises they agreed to.
It claims that in 2021, the
“Hot” rapper made over $16 million when he sold his stake in several hundred songs, leaving it out in the cold once the ownership of the copyrights shifted hands. They stated that Young Thug breached the contract when he informed the buyers of the songs and that he claimed the works were free of legal entanglements.AEG is now pursuing the original loan amount and any connected earnings that may have been raised from selling the songs to the company that purchased the compositions from Young Thug.
It is also considering possibly including other parties in the lawsuit in the next six months or exploring other means of recovering the collateral attached to Young Thug’s music catalog.
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