Elliot Grainge’s 10K Projects has been sued by Taz Taylor’s Internet Money, which claims that the company breached fiduciary and contractual obligations by withholding millions of dollars.
The suit, filed in Los Angeles Federal Court on Tuesday and reviewed by Variety, outlines a pattern of contract violations and misconduct regarding profit sharing, among other claims. It alleges that 10K knowingly cross-collateralized accounts and evaded paying Internet Money’s earned share of profits as part of its joint venture.
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Internet Money initially entered into the JV with 10K in Aug. 2019 to sign and develop artists with a 50/50 split of net profits.
→ Continue reading at Variety
