Embattled hip-hop mogul Damon Dash is demanding $25 million from Lee Daniels amid allegations the director failed to honor an investment agreement for his hit movies.
Jay-Z’s former business partner claims he first agreed to pump $2 million of his cash into Kevin Bacon’s 2004 drama The Woodsman, which Daniels produced, and set up similar deals with the filmmaker for a string of his other projects, including Oscar-winning 2009 release Precious, 2012 thriller The Paperboy and 2013’s The Butler.
In exchange for the help with funding, Dash maintains he was promised producing credits on the releases.
However, Dash alleges Daniels didn’t hold up his end of the deal and snubbed his credit request, while he also did not receive any return on his investments, reports TMZ.com.
He filed suit in Manhattan Supreme Court, New York today.
The music mogul has been dogged with financial troubles for several years. The former Roc-A-Fella Records co-founder was evicted from his New York home last year after allegedly falling behind on his rent, while he was also previously slapped with a $2.8 million federal tax bill relating to earnings dating back to 2005.