Former Beats executive sues Beats Audio for breach of contract, seeks $20 million
But based on Hyman's court filing, he was fired a year later, which kept him from collecting on the equity. Hyman says that the termination of his employment was done on purpose to keep him from being awarded with the equity. The firing kept him from "receiving the fruits and benefits" of the deal he made with Beats.
While Beats co-founders Jimmy Iovine and Dr. Dre were not personally named in the suit, Hyman is seeking $20 million for Breach of Contract. Just in case you were wondering, 2.5% of $500 million is $12.5 million. And 2.5% of $3.2 billion is $80 million. Apple is rumored to be putting together a $3.2 billion acquisition of Beats Audio, mostly for its streaming music service.