Music

Russell Simmons denies allegations that he and Run stole money

Wed., Jan. 23, 2013 7:39 AM EST
by Stereo Williams

Russell Simmons and Rev. Run are set for a legal battle with a former business partner.

Back in November of 2012, Rasheed Young, president of Run Athletics, accused the Simmons brothers of stealing revenue from the Pastry footwear brand. He issued a letter via his attorneys indicating that he planned to sue the moguls. The shoe line is, of course, the brainchild of Rev. Run’s daughters, Angela and Vanessa Simmons. Young claimed that the brothers funneled the money into a separate company that essentially cut him out of profits.

Young could get a hefty paycheck if his accusations prove factual and he wins his lawsuit. Pastry is currently estimated to be worth close to $50 million.

Russell Simmons, however, says that Young is just a “disgruntled” former employee looking to slander the Simmons name.

“[Rasheed] worked for me…I fought to keep his job … and I’m sorry he’s disgruntled, but that’s what happens,” Simmons told TMZ when asked about the lawsuit.

“Anyone can say anything if a celebrity’s name’s attached to it … there’s nothing I can do about it … it’s false,” he added. “We never stole any money from anybody.”

–stereo williams

Tags: , , , , , , , ,