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After 30 years of being in the biz, Russell Simmons has filed his first lawsuit.
Simmons is suing Li & Fung USA for failing to promote and sell his clothing label American Classics after inking an exclusive deal with the company in 2007.
The mogul explained in a statement:
"For the first time in my career I found myself with a partner in Li & Fung, which had executives who willfully and repeatedly put the integrity of my brands at risk… In 2007, Li & Fung USA approached me about obtaining the exclusive license for American Classics, my smart budget mass-market apparel brand… They expressed a false enthusiasm for my flagship brand in order to induce me into licensing them my mass-market brand (sic).
After two years of repeated misrepresentations, failed execution and lack of development and support, it is blatantly clear that Li & Fung USA never intended perform its contractual obligations… Therefore I have taken this action to protect my partnerships with retailers and recover millions in damages on behalf of my brands and to protect my name and reputation in the industry."
Russell is seeking $55 million in damages.
[Image via Flashpoint/WENN.]