Funk legend SLY STONE is suing his former manager for alleged fraud and b= reach of contract.
In the lawsuit, filed in Los Angeles Superior Court on Thursday (29Jan1= 0), Stone also accuses Jerry Goldstein of fiduciary duty, as well as conv= erting and misappropriating Stone’s royalties and assets for more than 20= years, reports United Press International.
The Sly & the Family Stone frontman, real name Sylvester Stewart, is de= manding a full account of royalties that are due to him, so he can determ= ine the exact amounts of money that was allegedly taken.
It is thought the amount could add up to $20 to $30 million (=C2=A312.5= million to =C2=A318.75 million).
Stone, who is now reportedly dependent on Social Security to live on, i= s also seeking punitive damages.
Stone’s attorney, Robert J. Allan, says, "On the eve of the Grammys tha= t celebrate the best of our artists, we see a dark side of the music busi= ness, where some of these artists are being robbed of their intellectual = property and the fruits of their genius by unscrupulous people who prey o= n their trusting nature and lack of business and legal knowledge.
"Not satisfied with the royalties he diverted from Sly Stone, Goldstein= , without Stone’s knowledge or consent, registered his trade name - Sly a= nd the Family Stone - with the U.S. Patent and Trademark Office as owned = by a Goldstein company and borrowed millions of dollars secured by Sly’s = future royalties." The lawsuit suggests Goldstein, his longtime companion Claire Levine an= d attorney Glenn Stone, set up several companies to divert royalty paymen= ts and borrow against Stone’s work, reports the Associated Press. (KD/UPI=
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