2009-07-21 16:37:06 -
A complaint was issued today on behalf of award winning songwriter and producer Lamont Dozier, against the New York law office of Willkie Farr & Gallagher LLP as well as Deutsche Bank Trust Company America, successor in interest to Banker’s Trust Company. The lawsuit, filed by the Los Angeles law offices of Sanford Passman, alleges that damages were suffered by Dozier in an amount in excess of $9 million arising out of a securitized transaction of his future stream of music, entertainment and intellectual property royalties, commonly referred to as “Bowie bonds,” entered into by Dozier in 1998.
The allegations address the Defendants’ conflict of interest and failure to fully inform the Plaintiff as to all of the consequences resulting from
the securitized transaction. When money was received by the Defendants to retire the bonds, it was taxable and that liability was paid out on a tax free basis to the purchaser of the bonds.
Additionally, law firms, bank fees and other charges were paid without any payment made towards the taxes due. Thus, the Defendants failed to provide for the tax liabilities suffered by Dozier, causing interest and penalties in addition to the tax liability.
This is not the first time charges have been made against the parties. A number of other well-known artists also participated in similar transactions, including but not limited to David Bowie, for whom this type of transaction was named, Brian and Eddie Holland, former partners of Dozier in the legendary songwriting and producing trio Holland-Dozier-Holland, Ashford & Simpson, and others.
Lamont Dozier, along with Brian and Eddie Holland, was responsible for 51 #1 records (“Stop In the Name Of Love”, “Baby I Need Your Loving”, “This Old Heart Of Mine”, “It’s the Same Old Song”…) as an architect of what has come to be known as the “Motown Sound” for which they were inducted into the Rock ‘n Roll Hall of Fame, Songwriters Hall of Fame, from which they just received the highest award for songwriters, the Johnny Mercer Award. Dozier has also had a successful solo writing and producing career as well as a solo career that earned him recognition in 1972 as Best New Pop Male Vocalist from Billboard magazine. He currently has songs on Solange Knowles’ CD as well as George Benson’s upcoming album. In addition, after thirty years, Holland-Dozier-Holland have come together for a one time only reunion to write the score for the Broadway production of “First Wives Club,” premiering at the Old Globe Theater in San Diego on July 31, 2009.
JAG EntertainmentJo-Ann Geffen, 818-905-5511
jgeffen@jagpr.com : mailto:jgeffen@jagpr.com
