Aramid Entertainment has filed a $44 million lawsuit against Relativity Media and Fortress Investment Group, claiming it had been the victim of “one of the greatest heist stories ever told.” The entertainment lawsuit asserts claims for fraud, intentional interference with contractual relations, and breach of contract.
The suit revolves around “Beverly,” a film-financing fund that Relativity started to finance a series of Sony Pictures movies. Under the deal, investors provided $500 million while Sony matched that amount to create a $1 billion fund.
According to the lawsuit, the slate deal called for Relativity to co-finance up to 45 Sony films over a five-year period, but was ended prematurely to Aramid’s detriment. Specifically, Aramid alleges that it received no return on its original $22 million investment, which would have been worth at least $44 million had the Beverly fund made additional films...
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