Rick Ross Settles Legal Battle
theJasmineBRAND.com exclusively reports, Rick Ross has settled his legal battle accusing the clothing company he was Brand Ambassador for of screwing him out of tens of thousands + his share of commission. A confidential deal has been reached and the rapper is dismissing his suit against the company he endorsed for years.
Here’s the latest: On November 4th, Rick Ross and the company behind the DGK brand headed to court and filed joint court documents explaining they are both dismissing the entire legal battle. They explain, “the parties have reached a settlement and further stipulate that the dismissal with prejudice” all claims against the other per their confidential deal. Each party agreed to pay their own court and legal costs in the case and the suit has been closed forever.
Here’s the backstory: Rick Ross Touring LLC filed a Federal Lawsuit against The Kayo Group in California Court earlier this year. The rapper explained Kayo is an athletic menswear clothing and accessory brand and it the proprietor of the clothing brand DGK.
Back in July 2014, Ross entered into an agreement with Kayo for him to be Kayo’s DKG Brand Ambassador for their products. The 2-year deal had Ross representing himself as the Ambassador for the DGK brand and provide a platform for the products. He was to make appearances, promote the line on social media and various other methods of brand display and recognition. He claimed that he has performed all his obligations under the agreement.
Per the deal, the rapper would be paid 1% of the gross sales of all products sold to third-party retailers and through global distributors during the term minus the shipping charges, charge-backs, trade discounts and other expenses.
Further, Ross was to be paid $10k a month minimum regardless of the sales. Also, he was to be paid 7% interest in the DGK brand.
He said he was paid his $10k a month from July 2014 until November 2015, which is when he received the last payment. Ross says he asked multiple times where the missing payments were and informed the company of their breach of the deal by failing to pay him monthly.
The rapper said Kayo acknowledged they were behind in payments and said he would be paid in full by April 1st. He explains he wasn’t paid by that date and still hasn’t received his money.
Ross claimed his company has and will continue to incur damages as a result of Kayo’s breach of contract. He pointed out they owe him a total of $80k from December 2015 to July 2016 along with the 7% profit interest in the DGK brand, an amount he doesn’t know due to the company not providing him with accounting of the sales.
The rapper sued demanding the $80k owed plus the accounting for sales along with the 7% of the DGK profits along with his attorney fees covered by his former business partner.