Key Takeaways
- Chance the Rapper won his breach-of-fiduciary-duty case against former manager Patrick "Pat" Corcoran, who must forfeit up to $1.5 million in management fees and merchandise-related compensation.
- The judge found that Corcoran collected vendor kickbacks while managing Chance and ordered him to return those commissions, surrender related 15 percent management compensation, and transfer ChanceRaps.com within 14 days.
- "I’m grateful to finally close this chapter of my life," Chance said after the ruling, which followed nearly six years of legal conflict and a jury’s earlier rejection of Corcoran's $3 million lawsuit.
Chance the Rapper is celebrating after winning his breach-of-fiduciary-duty case against former manager Patrick "Pat" Corcoran.
On Wednesday (October 14), Cook County Circuit Court Judge James E. Hanlon Jr. ruled that Corcoran violated his fiduciary obligations to the Chicago rapper in multiple instances, and ordered him to forfeit up to the $1.5 million he was paid by Chance in management fees and merchandise-related compensation.
According to a press release, the Judge found that Corcoran improperly received kickbacks from merchandise vendors doing business with Chance while also collecting management compensation from him.
Corcoran has been ordered to return the vendor commissions and forfeit the 15 percent management compensation attributable to merchandising during the period in question.
The rapper's former manager and his company, Pat the Manager, LLC, were also ordered to transfer ownership of the ChanceRaps.com domain to Chance within 14 days.
"I'm grateful to finally close this chapter of my life and can't wait to eventually tell my side of the story," Chance said in a statement after the ruling. "I'm thankful to the courts and, more importantly, to God for remaining faithful."
He also took to Instagram to share a screenshot of a BallerAlert article about the ruling, captioning it "SOUND ON 😭😭😭" and using Common's song "Testify" to soundtrack the post.
The ruling comes after nearly six years of back and forth over the issue. Chance the Rapper originally filed his claim against Corcoran, alleging that his former manager violated his duties of loyalty and full disclosure.
Earlier this year, a jury ruled against Corcoran, tossing out his $3 million dollar lawsuit and finding him in breach of contract. Among the allegations made against Corcoran, it's claimed that he attempted to secure an equity interest in UnitedMasters when a deal was offered and intended for Chance, registered ChanceRaps.com in his own name, and pursued Ramova and We Are the Times deals that were originally intended exclusively for Chance himself.
