“Fraudulent” Dr Dre is being sued over “lost millions”

Dr Dre’s former business partner is suing the rapper and Beats Electronics co-founder Jimmy Iodine, for “lost millions”.

Noel Lee has filed a legal complaint in the US insisting his company Monster, which played a pivotal role in designing, manufacturing and distributing Beats by Dr Dre line of headphones, was tricked into exiting its deal with Beats Electronics shortly before the company was sold.

Lee says he has “lost millions” by severing ties with the firm, which was bought by Apple last year for $3bn.

He said Dr Dre, whose real name is Andre Young, and Iodine had “fraudulently acquired” Beats by Dr Dre through a “sham transaction”.

After selling 51% of the company to mobile phone company HTC, Beats then bought back 25.5% of its own shares, meaning Monster could be pushed out of the company through a change-of-ownership clause.

Lee claims Monster has lost out on millions of dollars as a result of this deal.

The Palace of Westminster

Palace of Theftminster: £90,000 worth of goods stolen from parliament since 2010

Apple big explosion

The end of apps? Hardly. Apple’s App Store just hit $15bn sales

Cameron chicken

Why are the other party leaders calling David Cameron a “chicken”?

Social Bookmarks