Swizz Beatz and Timbaland have settled their lawsuit against Triller, one month after suing the platform for $28 million in defaulted Verzuz payments.
Swizz Beatz and Timbaland have settled with Triller over their hit webseries Verzuz. In August, the superproducers sued Triller for $28 million in defaulted payments, alleging that the social video platform defaulted on their deal after making two payments in January and April 2021.
Variety reported that specific terms of the settlement are undisclosed, but “the settlement will increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal.”
“Verzuz has always been a platform that is by the artists, for the artists and with the people,” Swizz Beatz and Timbaland said in a statement. “We’re glad to come to an amicable agreement with Triller and continue giving fans the music and community that they’ve come to know and love from the brand.”
“Verzuz and Triller will always be a safe place and outlet for creators and their art. Nothing will change that,” added Bobby Sarnevesht, Triller’s executive chairman and co-founder. “Nothing will change that. Creators started this and will continue building it. This is a victorious moment in the Triller and Verzuz relationship as we march together toward the public markets. Stay tuned.”
The lawsuit was filed in August, one year after Timbaland, whose real name is Timothy Mosley, and Swizz Beatz, whose real name is Kasseem Dean, sold Verzuz to Triller in 2021. In February 2022, Mosley and Dean entered a new deal with Triller, with the platform agreeing to compensate the producers with $100 million. Although the February payment was made, Triller was obligated to pay $18 million by March 17th, followed by $1 million per month for the remaining 10 months until the full $28 million had been paid. According to the prior lawsuit, Triller missed those payments.