Update (Oct. 26: 4:38 p.m.): TMZ reports that the two parties did not reach a settlement yet and nothing as been signed.


Original Story: Jas Prince, the man who discovered Drake and first signed him to Aspire Music Group, has settled a lawsuit with Cash Money Records for past royalty compensation owed. The Jasmine Brand reports, Prince brought Drake to Cash Money, where he signed a deal that would send 22 percent of all advances and net profits to Prince and Aspire. The settlement figure is undisclosed at the moment, but Prince claims that he has received roughly $2 million for Drake's royalties, while he believes the label has made $40 million of the singer/rapper.

What makes the matter all the more complicated is that Prince has a separate ongoing lawsuit with Cortez Bryant, Lil Wayne's manager and the founder of Aspire. Prince has accused Bryant of not paying him proper royalty amounts due to the friendly nature of his relationship with Wayne and Young Money after their Cash Money deal. Bryant claims that Prince was paid his percentage of the deal already and that any money still owed to Aspire does not have to be paid to Prince directly. Prince went to court on Oct. 6 to move on with his lawsuit towards Cash Money. Jas Prince claimed he is owed $11 million.

On Oct. 20, Prince stated, in newly filed court documents, that a settlement had been reached with one of the two Aspire shareholders. Cash Money does have a detailed history of withholding payment particularly to producers. Just this August, producer DVLP sought upward of $200,000 in unpaid royalties from the label.

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