Ryan Leslie has agreed to give up the rights to his entire music catalog in order to settle a years-long battle with the man who found his stolen laptop, but never received the $1 million reward Leslie offered.
Leslie was sued by Armin Augstein for breaching the million-dollar reward offer he made online after losing a black bag containing his laptop, computer, and hard drives. Augstein found the bag and returned the items to Leslie, but the producer refused to pay the reward because the unreleased music Leslie thought was on the computer was not actually there.
A jury found Leslie liable and ordered him to pay Augstein $1.18 million in damages. But the producer then filed for bankruptcy following the judgment and Augstein has been fighting to get his money ever since.
According to court documents filed last week and obtained by The Blast, the two sides came an agreement that calls for all interest in Leslie’s musical rights and future royalty payments to Augstein for songs he produced, wrote or recorded.
Per the deal, Augstein will be entitled to receive up to $538,000 from the royalties. If after six years, Augstein has not earned at least $300,000, he maintains the rights until he hits that mark. Leslie will then be granted back the rights to his catalog.
The producer’s discography includes Britney Spears, Usher, Mary J. Blige, Ne-Yo, The Game, New Edition, Cassie, Fabolous, Lloyd Banks, Tha Dogg Pound, JoJo, Danity Kane, Jim Jones, Kid Cudi and many more.