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MOG founder sues Beats for denying him millions

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Many high-up executives at Beats are likely to become very rich in the near future. But the company has suddenly found itself facing a lawsuit from David Hyman, founder of MOG, the subscription music service that Beats purchased in 2012. Hyman and the majority of his team joined Beats after the buyout, and MOG ultimately evolved into Beats Music. But as The Wrap reports, Hyman's lawsuit claims he was unceremoniously fired in less than a year, denying him a decent stake in Beats equity that was part of his contract. Hyman was allegedly set to receive a total of 2.5 percent of Beats "currently outstanding equity interests," with the first 1 percent of that coming to him upon his one-year anniversary with the company. He never made it that far.

Hyman claims he was canned after trying to get rid of another "problematic" employee. As a result, his equity grant never vested and Hyman says he lost out on millions. Apple is reportedly nearing its own acquisition of Beats for the hefty sum of $3.2 billion. If he were still tied to Beats, Hyman would presumably be on a course to receive a huge payoff as part of the deal. But obviously that won't be happening either, and the riches will be left to Dr. Dre, Jimmy Iovine, and other top leadership at Beats. Hyman is suing his former employer for damages "in excess of $20 million."