The ongoing court battle between former couple Russell Simmons and Kimora Lee Simmons has finally come to an end, leaving the Def Jam co-founder on the hook for over $100,000.
In court documents, Simmons has been ordered to pay $83k in legal fees and an additional $35k to cover the costs his ex-wife spent on preparing her motion. The total owed amounts to $100,773.37, and the mogul has 30 days to pay in full. The judgment results from Lee filing a countersuit against Simmons in July after he sued her and her estranged husband, Timothy Leissner.
In October 2021, Simmons accused Lee and Leissner, her investment banker ex, of stealing stocks he owned without permission.
Simmons claimed to work with Lee and Leissner on a company called Nu Horizons Investment Group. The company owned the majority stock in the energy drink Celsius. The 65-year-old entrepreneur states that unbeknownst to him, his ex used four million shares as collateral. Shares were allegedly used when she posted a bond when Leissner was caught up in a money laundering scandal.
Simmons believes Leissner’s desperation to avoid jail time and the massive amount of restitution owed was the motive behind the theft.
However, the then-couple denied misuse of the shares.
The shares were being held by the government at the time of the original lawsuit.
Simmons also filed a breach of contract claim against Lee.
However, because Lee could prove that Simmons sold off his part of the shares before she attempted to use hers for Leissner’s bond, she was not in breach of said contract.
The claim was dismissed, and Lee is now recovering the legal fees she accrued for defending herself.
Russell and Kimora were married from 1998 to 2009. However, they remained friends and in business together in the years after their divorce.
Together they launched multiple brands pivotal in urban culture such as Phat Farm and Baby Phat.
The pair are also parents to Ming Lee, 22, and Aoki Lee Simmons, 20.