Proper Group Must Pay $1.9 Million in Lyric Financial Acquisition Dispute
Proper Group has been ordered to pay $1.86 million in a legal dispute related to its 2021 acquisition of Lyric Financial, according to a recent ruling by the U.S. District Court for the Southern District of New York.
Wooden gavel on law book
The dispute stems from the original $8 million purchase agreement, which stipulated:
- $5 million upfront payment
- Two installments of $1.5 million each
When the second $1.5 million installment wasn't paid, Lyric Financial's former owners initiated legal action. The London Court of International Arbitration ruled in favor of the sellers, despite Proper Group's claims that Lyric Financial failed to meet transaction terms.
The final judgment requires Proper Group to pay:
- $1,862,995.54 base amount
- Additional interest from July 3rd until full payment
- All associated legal fees
This ruling comes amid Proper Group's broader restructuring, which has included:
- Rebranding from Utopia Music in early 2024
- Several other acquisitions facing difficulties
- Sale of certain assets (including Sentric to Believe for $50+ million)
- Return of some acquired businesses to original founders (Absolute Label Services, ROSTR)
The court has granted the petition to recognize the arbitration award "in its entirety," making the payment legally binding for Proper Group.
Related Articles
Diplo Revenge Porn Lawsuit Dropped After Judge Orders Accuser to Reveal Identity
