Splash News
Kanye West & Lloyd's of London Settle $10 Million Lawsuit
Kanye West and Lloyd’s of London have reached a settlement in a major lawsuit over canceled concerts on 2016’s “Saint Pablo Tour.”
The G.O.O.D. Music boss sued the insurance market for $10 million after they refused to pay him for canceled shows. At first, they claimed that West’s mental breakdown was caused my marijuana, which was excluded from the policy. However, Kanye’s legal team fought the case, saying that the medical evidence did not support claims regarding drug use and that the breakdown was triggered by a mental condition.
Lloyd’s opted to settle over going to court, where they could have paid more in punitive damages. In the end, Lloyd’s reportedly folded under pressure from Kanye’s lawyers and agreed to pay most of what the rapper was owed, according to TMZ.
In August of 2017, Kanye’s lawyer Howard King spoke on behalf of his client regarding this case. “[Lloyd’s of London’s] business model thrives on conducting unending ‘investigations,’ of bona fide coverage requests, stalling interminably, running up their insured’s costs, and avoiding coverage decisions based on flimsy excuses,” he said. “The artists think they they’re buying peace of mind. The insurers know they’re just selling a ticket to the courthouse.”
Meanwhile, Kanye could be on the cusp of a musical return. Yesterday, he reactivated his Instagram account and he is now rumored to be working on a variety of projects, including a solo album, G.O.O.D. Music compilation, and a joint effort with Kid Cudi.