Russell Simmons has filed a $55 million lawsuit for fraud and breach of contract over a failed clothing deal - his first lawsuit in 30 years of business. The hip-hop mogul has accused executives at Li & Fung USA of failing to sell or promote his fashion range, American Classics, after signing an exclusive license contract with them in 2007.
Simmons claims it is the first time he has ever had to take legal action but he's determined to win the case and "protect his name". In a statement, Simmons writes, "Over the last 30 years, I've built successful groundbreaking businesses in music, apparel, television, film, jewelry, games and multiple charities and causes. Not once have I ever had to file a lawsuit."