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Rihanna Sues Former Accountants For “Tens Of Millions” In Losses

By TSSCrew / 07.05.12

Photo: Terry Richardson

Rihanna filed suit against her ex-accountants on Thursday, accusing them of mishandling “tens of millions of dollars” in losses, bad bookkeeping and an ongoing IRS audit. Filed in federal court in Manhattan, the lawsuit calls for unspecified damages against New York-based Berdon LLP and two accountants after they drained the singer’s revenues while she constantly toured over a five-year period.

“By the “Last Girl on Earth” tour in 2009, Rihanna learned that the tour had managed “significant net losses” despite robust revenues, though the defendants had managed to pocket 22 percent of the tour’s total revenues while paying Rihanna just 6 percent of revenues, the lawsuit said. It said Berdon’s unusual accounting practice of paying itself a percentage of gross tour income as commissions left it no incentive to “counsel” Rihanna to reduce expenses or put in place appropriate financial controls.

“The lawsuit alleged that the practice of paying itself commissions on revenues was not standard in the accounting and business management industry and created a clear conflict of interest.”

[Yahoo]


TAGSDeath And TaxesEDUTAINMENTEVERYTHING ELSEFEATUREDHEADLINESIRSRihannaSMOKE BREAK

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