Ronald Sweeney represented the rap star from 2005 through September 2018, and charged him 10 percent for every deal he closed, which is reportedly more than the industry standard of 5 percent.
Sweeney allegedly also tried to milk Weezy for an additional 10 percent for all monies earned via his Young Money label. Wayne, however, pumped the brakes on that scheme.
Sweeney managed to pull even more funds out of Wayne by enlisting the help of another law firm for the ongoing legal battles with Birdman and Cash Money Records, as well as Universal Music Group. The firm allegedly took 23 percent from the settlement with Cash Money, and 15 percent from the latter settlement. Those percentages were added onto the 10 percent Sweeney was already expected to receive.
“A portion of the information released today is true, a settlement has been reached, but the dollar amount being disclosed is false,” Karen Civil wrote in response to reports of the settlement.
“Per our settlement agreement, the matter has been amicably resolved to the satisfaction of all parties,” Sweeney said at the time. “In terms of the particulars, we’re prohibited legally from saying anything further. I can say that my client is happy. He is his own man, a man that owns his assets, his music and himself. At some point, Wayne will let his fans know what’s going to happen next.”
Weezy is suing his former legal eagle for at least $20 mil.
In related news, Lil Wayne has also threatened to sue Young Thug if he puts out his previously announced “Barter 7” album.
As reported by XXL, the revelation came via Thug’s girlfriend Jerrika’s Instagram Live and shows her taking questions from fans about when “Barter 7” is going to drop.
“Lil Wayne trying to sue me for that,” Thug revealed.