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Elliot Grainge’s 10K Projects has been sued by Taz Taylor’s Internet Money, which claims that the company breached fiduciary and contractual obligations by withholding millions of dollars.
The suit, filed in Los Angeles Federal Court on Tuesday and reviewed by Variety, outlines a pattern of contract violations and misconduct regarding profit sharing, among other claims. It alleges that 10K knowingly cross-collateralized accounts and evaded paying Internet Money’s earned share of profits as part of its joint venture.
Internet Money initially entered into the JV with 10K in Aug. 2019 to sign and develop artists with a 50/50 split of net profits. Following the contract execution, Taylor began releasing music outside of the scope of the deal that grew in popularity, leading to a 2020 negotiation for an amendment that extended the JV through June 2024.
According to the suit, first reported by Billboard, 10K engaged in a “consistent and repeated pattern of violations and breaches of its obligations under the Agreement in numerous ways.” Per the agreement, 10K was required to get approval from Internet Money regarding all creative and business decisions, as well as any reallocations of A&R costs and marketing. Internet Money claims that 10K did not comply with the agreement, and “unilaterally incurred and charged tens of millions of dollars in deductions” without approval.
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More specifically, Internet Money accuses 10K of “diluting” and “effectively giving away” profits from the 2020 hit “Lemonade,” a global smash that peaked at No. 6 on the Billboard Hot 100. The suit claims that 10K gave a $500,000 advance to an unnamed artist, then renegotiated the agreement without Internet Money’s approval. It also alleges that 10K failed to execute a profit participation agreement with Taylor in respect to Iann Dior, and has impeded requests for an audit.
Grainge, who became CEO of Atlantic Music Group in Oct. 2024, has spent years building his 10K business, which is now housed under Warner and counts Trippie Redd and Ice Spice as signees. A representative for 10K responded to Variety with no comment.
Internet Money is seeking millions in damages on causes including breach of contract, accounting, fraudulent inducement, unjust enrichment and more.
