UPDATE 7:00 P.M. EST: Cardi B’s litigation counsel, Paul LiCalsi, has issued this fiery statement in response to Shaft’s claims:
“After a full investigation of the facts, we will be responding to these allegations in detail in court. But even on its face, Shaft’s claim raises a huge question. For a hefty commission, a manager promises to carefully counsel and guide an artist in her or his career. In exchange, the law imposes a high fiduciary duty on the manager to always act in the artist’s best interest, not engage in conflicts of interest, not overreach, and not self-deal. The glaring question here is: how does Shaft justify signing on as Cardi B’s manager through WorldStar for a 20 percent commission, and then a year later sign her up through his other company for a deal that takes 50 percent of her music royalties from Atlantic Records, 50 percent of her music copyrights, and 25 percent of her other earnings? How does that comport with his fiduciary duty as her manager?”
Damn. Now that’s the kind of argument Cardi wants on her side in court!
Cardi B‘s ex-manager allegedly took several scoops too many out of the superstar’s Money Bag behind her back.
At least that’s what Cardi’s team is saying following the $10 million lawsuit filed against her on behalf of the rapper’s former rep Klenord “Shaft” Raphael.
For example, the insiders say, if Cardi was paid $100K for a gig, Shaft would apparently tell her she was making $50,000 and allegedly keep the balance for himself. Wow.
That’s not all. Cardi was paying Shaft a 20% management fee — significantly more than the normal amount. This apparently pissed off her fianc├â┬⌐ Offset, who allegedly encouraged the Bodak Yellow singer to give Shaft the axe.
Shaft’s team, on the other hand, says he used a lot of his hefty 20% management fee to pay writers and producers who engineered Cardi’s music. He reportedly thinks that Offset was bent on firing him just so he could control Cardi’s career.
As we reported, Shaft is suing the rapper for breach of contract, alleging she was obligated to keep him on since he was largely responsible for her skyrocket to fame.
[Image via WENN.]