(EXCLUSIVE) Ne-Yo Loses 8 Million Dollar Lawsuit Against Ex Manager

March 7, 2016 by TJB Writer in Latest News with 3 Comments

NeYo

theJasmineBRAND.com exclusively reports, Ne-Yo (real name Shaffer Chimere Smith) has been shut down in his 8 million dollar lawsuit accusing his ex-business manager of screwing him out of millions with a Federal Court Judge throwing out the entire case, saying the singer failed to show any evidence to back up with allegations.

Ne-Yo sued his ex-business manager Kevin Foster — along with, Vernon & Co., the consulting firm he worked for — for 8 million dollars earlier this year. The singer/producer explained in court docs that he had worked with Foster since 2005 over the years he had moved money from his accounts without permission, forged his name on bank loan documents and invested his money into a water company he was behind, that was already close to going bankrupt.

Foster was supposed to manage the singers money and ensure,

He was financially situated as to maintain his accustomed lifestyle for the remainder of his life, protect Smith from financial ruin, and mitigate risk of frivolous spending.

He accused his ex-manager of swindling him out of millions and sued for over 8 million which was 4.5 million dollars he moved out of his bank accounts and an additional 3.5 million in fees he had paid him over the years.

Foster fired back at his ex-client Ne-Yo’s lawsuit. He explained that the singer signed a deal with Vernon & Co. to manage his finances and pay them 5% commission on gross revenues.

Foster said his position was to handle some of Ne-Yo’s finances and business transactions, including advising him on investments — but he denied he was supposed to maintain the singer’s budget to ensure he was financially situated as to maintain his accustomed lifestyle for the remainder of his life.

He explained that while he did have control of Ne-Yo’s bank accounts, he never committed fraud, failed to file his tax returns, make inappropriate transfers to himself from the singer’s bank accounts nor did he forge bank documents to take out a loan in his name.

Foster demanded the lawsuit be dismissed, saying any decision he made with Ne-Yo’s money was legal because the singer granted him that power to manage his finances. He said the singer was owed nothing from his 8 million claim.

Then on March 3rd, the federal court judge came back with his decision and sided with the singer ex-business manager and threw out the entire lawsuit.

The order says the singer has provided no facts that back up his allegations his ex-manager committed fraud. The judge states Ne-Yo’s allegations against Foster were invalid and provided no evidence whatsoever.

The order explains due to the singer giving approval to his ex-manager to control his finances, he can’t now sue due to losing millions the manager invested.

The judge dismissed the entire lawsuit against Foster and his company and awarded Ne-Yo nothing from his million dollar complaint.