Street Wize News ( Raw &Unkutt )

Russell Simmons, one of the first moguls in Hip Hop, filed what is probably his first lawsuit that has been publized this past week. According to AllHipHop, Simmons filled a $55 Million dollar lawsuit over of few of his clothing brands over seas...

Hip-Hop mogul Russell Simmons has filed a $55 million breach of contract lawsuit over his "American Classics By Russell Simmons" and "Russell Simmons Argyleculture" clothing brands. Simmons, who co-founded founded the legendary Def Jam Record label, also launched the pioneering Phat Farm clothing line in 1992 before selling it to Kellwood for $140 million in cash in 2004. According to Simmons' this is the first lawsuit he has ever had to file against a partner. Simmons claims Hong Kong-based apparel licensing company Li & Fung, USA was supposed to help the mogul market and distribute his flagship Argyleculture brand. The mogul claims that Li & Fung USA "expressed a false enthusiasm" for his flagship brand in order to induce the mogul into licensing them his mass market brand, which is American Classics by Russell Simmons. "Over the last 30 years and with the help of numerous partners, 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. For the first time in my career I found myself with a partner in Li & Fung, which had executives who willfully and repeatedly put the integrity of my brands at risk," Simmons told AllHipHop.com.