Swizz and Tim were suing Triller for breach of contract, citing the platform’s decision to default on their original acquisition deal and subsequent settlement and payment agreements. According to The Hollywood Reporter, after Triller acquired Verzuz, payments were set to be made “first at closing, another shortly after and two more on the first and second anniversaries of the deal.” However, Triller only paid the first two payments and defaulted on the third back in January.
As a result of that, in February, all three parties entered into a new settlement agreement where Triller would “pay them $9 million each no later than March 17 (and earlier if the company were to reach a minimum funding threshold). After that, Triller would pay them $500,000 each on the first of the month for 10 months. That timeline would be accelerated if the company received $100 million in funding or if it had closed its proposed merger with SeaChange International. An additional $120,000 was tacked on for the producers’ legal fees.” But once again, Triller defaulted and never paid any of the amounts owed, thus resulting in this suit. Because of this, Swizz and Tim are now seeking a grand total of $28,095,000 plus attorneys’ fees and costs and pre-judgment interest.