LA Superior Court Judge William Fahey yesterday handed down a summary judgment that effectively dismissed the claims that Beats by Dr Dre had cheated Monster and its CEO Noel Lee out of a 5% share of the Beats brand.
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A summary judgement issued in LA Superior court effectively ends the Beats vs. Monster lawsuit that alleged that Beats has denied headphone maker Monster a 5% share of Beats through a "sham" sale to HTC. the Associated Press reports. The lawsuit alleged that misrepresentations of Beats' future plans led Monster CEO Noel Lee to relinquish his stake in the company for a $5.5 million.
Eight months later, Apple purchased the Beats brand for $3 billion. Had Lee kept his 1.25% share, it would have been worth more than $30 million.
The case is will go to trial next week, but the only major issue left is a Beats motion to recoup attorney fees and associated costs.
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