ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Rapper Lil Durk Hit With $12 Million Lawsuit For Reportedly Selling Rights To The Same Song Twice

The case is filed over a fraudulent deal to sell the rights to Lil Durk’s track “Bedtime”.
PUBLISHED DEC 19, 2023
 Lil Durk gained a cult following with the release of his mixtape series, “Signed to the Streets”. Getty Images | Photo by Gonzalo Marroquin
Lil Durk gained a cult following with the release of his mixtape series, “Signed to the Streets”. Getty Images | Photo by Gonzalo Marroquin

A New York-based fintech startup, Exceed Talent Capital, has sued Lil Durk for $12 million accusing the Chicago rapper, his business manager, and the label of “manifest fraud”.

The case is filed over a deal to sell the rights to Lil Durk’s track “Bedtime”. The suit claims that Durk signed deals with two different entities for the same song's rights.



 

 Lil Durk performs during day 3 of Lollapalooza | Getty Images | Photo by Josh Brasted
Lil Durk performs during day 3 of Lollapalooza | Getty Images | Photo by Josh Brasted

Durk Derrick Banks, professionally known as Lil Durk, is a rapper and singer. Durk gained a cult following with the release of his mixtape series, “Signed to the Streets”, which led to Def Jam Recordings signing him. More recently, Durk’s track “All My Life” enjoyed success on the charts. Reaching No. 2 on the Hot 100."



 

However, throughout his career, he has been a subject of litigation for his behind-the-scenes maneuvers, and his recent alleged fraudulent actions surrounding the song rights of "Bedtime" have jeopardized the financial standing of the firm, Exceed Talent Capital.

In a complaint filed with the US District Court for the Southern District of New York, Exceed Talent Capital accused Durk, his business manager Andrew Bonsu, and his label OTF of “Manifest Fraud” of selling the rights of a song to different entities. Exceed has accused Durk of selling the rights to his song “Bedtime” to the firm even though he already had an exclusive contract with Sony Music Entertainment’s Alamo Records.

Exceed and Durk announced their partnership last fall, in which Exceed paid the artist for the exclusive rights to transform his track "Bedtime" into a fractional investment opportunity, Hot New Hip Hop reported. They offered fans a “Trenches All-Access Pass,” a sort of NFT that provided fans exclusive access to a private Grand Theft Auto roleplay server custom-built by Lil Durk and his OTF Gaming company. The fans were also offered immediate lifetime access, and dibs on shares from proceeds of the song “Bedtime” as well.



 

However, the startup claimed that it was later blindsided when it discovered that the rapper had an exclusive deal with Alamo Records. This implied that the assertions and guarantees made in the contract with Exceed were deliberately false.

The revelation came to light when Exceed received a cease-and-desist letter from Alamo Records stating that Durk was under an exclusive recording agreement with the firm and he had no authority to sell his recording royalties to any other entity.

Exceed then demanded Durk to refund the $450,000 that it had already paid to the artist. However, the rapper allegedly ignored these pleas, as per the suit. Thus, the suit filed by Exceed claims that Durk committed fraud by entering an agreement with them, and the fallout from the legal affair with Alamo Records proved costly for the firm.

The lawsuit filed by the fintech startup claims that it had to cancel the sale of its scheme after already investing "significant time, effort, and financial resources." They further claimed that they also had to go through the trouble of securing approval from the Securities and Exchange Commission. Ultimately, the firm estimated that the financial implications from the alleged fraud exceed a staggering $12 million. It stated that it has left the firm in a precarious financial position.



 

“Exceed was compelled … to return the funds that had been invested by third parties in the Offering, further significantly damaging Exceed’s reputation and relationships with its partners and investors,” the company wrote, as per a Billboard report.

Exceed has asked to court to award compensatory damages as well as punitive damages, attorneys’ fees, and “costs incurred as a result of Durk’s misconduct.

MORE ON MARKET REALIST
Belz later said that nothing is as good as the win and it was his dream to be on the show.
3 hours ago
Several commenters pointed out the possible reasons behind this issue.
5 hours ago
Her technique was unusual but it did the trick and everyone was elated about the spectacular win.
7 hours ago
Seeing others win big may be exciting but not many people quite the tax burden that follows.
1 day ago
The host was asked about the possibility of four $100,000 wins in a row, but said that it was virtually impossible.
1 day ago
The shopper was alarmed after seeing what she thought of as objects crawling around.
1 day ago
The player had proceeded to the bonus round after simply adding one letter to another contestant's guess.
2 days ago
Steve Harvey's facial expressions are gold especially when he is geuinely shocked by a contestant.
2 days ago
The host regretted celebrating the answer as it could put his relationship in jeopardy.
2 days ago
Plinko is believed to be a game of luck by many but Carey might know a few things that we don't.
2 days ago
She was again approached by the employee who had first stopped her, and hoped that the one who helped her won't be fired.
3 days ago
Turns out the player earned the quick-witted host's respect with a shared love for football.
3 days ago
Turns out the host of Family Feud is a stickler for the rules and went on to roast the woman.
3 days ago
Viewers and the host were astonished to see just how Veonn finished with the exact sum she needed.
4 days ago
Mark Cuban said he could be the bigger person and let it go, but added that he wasn't.
4 days ago
Zoe Grobman who appeared on the show's Second Chance Tournament, addressed the issue on Reddit.
4 days ago
Cody Munger who won the "Big Tournament Championship" last year, shared his insight on Reddit.
5 days ago
The creator posted a video sounding an alarm against certain objects found in the "Great Value" cheese of Walmart. 
5 days ago
The player was left with very little to work with as most of her letters weren't on the board.
5 days ago
With two $1 million dollar deals on the table, entrepreneur Chet Beiler managed to pull off a blunder.
5 days ago