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DR. DRE, JIMMY IOVINE SUED OVER BEATS SALE

(AP Photo/Peter Kramer, File)


(AP Photo/Peter Kramer, File)

(AP Photo/Peter Kramer, File)

SAN FRANCISCO (AP) _ Dr. Dre and music producer Jimmy Iovine (eye-VEEN’) are being accused of double-crossing a former partner in their Beats Electronics company. Noel Lee of video and audio cable maker Monster LLC is suing Dre and Iovine, saying he once held a 5 per cent stake in Beats. His lawsuit says Dre and Iovine orchestrated a sham deal with smartphone maker H-T-C in 2011 that led to the termination of the alliance between Beats and Monster in 2011. Lee say the deal prompted him to drop his stake in Beats to 1.25 per cent before selling the rest of his holdings for $5.5 million in the fall of 2013. He says he was told there were no plans to sell Beats for at least several years. Apple bought Beats in May for $3 billion. Had Lee held onto his 1.25 per cent stake, he would have gotten more than 30-million-dollar in the Apple deal, and his original 5 per cent stake would have been worth roughly 150-million-dollar. Dre’s attorney and a Beats publicist did not return calls for comment.

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