Hip-Hop mogul Russell Simmons has filed a $55 million breach of contract lawsuit over his “American Classics By Russell Simmons” and “Russell Simmons Argyleculture” clothing brands. Simmons, who co-founded founded the legendary Def Jam Record label, also launched the pioneering Phat Farm clothing line in 1992 before selling it to Kellwood for $140 million in cash in 2004. According to Simmons’ this is the first lawsuit he has ever had to file against a partner. Simmons claims Hong Kong-based apparel licensing company Li & Fung, USA was supposed to help the mogul market and distribute his flagship Argyleculture brand; but instead Simmons claims that Li & Fung USA “expressed a false enthusiasm” for his flagship brand in order to induce the mogul into licensing them his mass market brand, American Classics by Russell Simmons.

— AllHipHop.com

Posted by @iBLONDEgenius