Monday, June 8, 2015

Snoop Dogg sues Pabst over broken endorsement deal

According to EW, Snoop Dogg is and Spanky’s Clothing, Inc. filed a breach-of-contract lawsuit against Pabst Brewing Company on Monday. The lawsuit, obtained by EW, also claims a  breach of covenant of good faith and fair dealing, conversion, and intentional interference with contractual relations. “Plaintiffs performed their end of the bargain,” the documents read. ”Pabst, on the other hand, refuses to honor the deal.”
The suit details that the rapper entered an endorsement with Colt 45, a Pabst brand, and acted as a “brand ambassador” in January 2011. The arrangement reportedly ended after three years; however, it included a “phantom equity clause” that indicated should Colt 45 or its parent company get sold within two years of the agreement ending—out to January 2016—that Snoop Dogg would be entitled to 10 percent of the sales reaped by shareholders attributable to the Colt 45 brand. 
Pabst was acquired in late 2014 for a reported $700 million, according to the lawsuit. “Despite the Sale,” the suit alleges, “Pabst has taken the (very convenient) position that no transaction has occurred such that…the Phantom Equity Clause would be triggered.”
Beyond lawyer fees and the 10 percent, Snoop Dogg and Spanky’s seek losses, interest, and damages.

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