Rap mogul Jeezy won a major court victory in a $5 million lawsuit filed by former friend and business associate Kinky B.
Hiphopenquirer.com reports that Jeezy, whose real name is Jay Jenkins, grinned from ear-to-ear when the jury announced its verdict last week.
Jeezy and Kinky B, whose real name is Demetrius Ellerbee, were business partners for 20 years. Jeezy, 38, told the jury that Ellerbee diverted funds that were earmarked for their company, Corporate Thugs Entertainment (CTE). Jeezy said Ellerbee stopped paying him the 50% in royalties and revenues the two had agreed upon.
Jeezy provided evidence that shows the two men split a $1 million advance from Def Jam Records after he signed his first record deal.
But Ellerbee’s lawyer claimed Jeezy sent a letter to Def Jam ordering future payments to be deposited into a bank account that Jeezy controlled and that Ellerbee had no access to.
Ellerbee then alleged that the rapper violated Georgia RICO statute as well as illegal conversion of funds, according to Hiphopenquirer.
According to Jeezy, the two men never had a written agreement. But in Georgia, a verbal agreement carries as much weight as a written one.
You can watch videos of the courtroom testimony as well as view the evidence on hiphopenquirer.com, and decide for yourself if you believe the jury made the right call.
