The Russell Simmons divorce settlement has finally concluded after a year-long court battle with his ex-wife Kimora Lee Simmons.
The Def Jam co-founder has been ordered to pay over $100,000 in legal fees and additional expenses.
The court hearing in Los Angeles Superior Court granted Lee’s motion for payment of her attorney fees, resulting in Simmons having to pay $83k in legal fees and an additional $35k for costs Lee incurred preparing her motion.
The total amount owed is $100,773.37.
The judge gave Simmons 30 days to pay the full settlement.
Counter-Suit filing
The divorce settlement was the result of a countersuit Lee filed against Simmons in July.
This followed Simmons suing Lee and her estranged husband, Timothy Leissner.
The court battle continued until the recent settlement.
In October 2021, Simmons accused Lee and Leissner, her investment banker ex, of stealing stocks he owned without permission.
Simmons claimed Lee and Leissner used four million shares owned by their company, Nu Horizons Investment Group, as collateral to post a bond when Leissner was caught up in a money laundering scandal.
Leissner’s involvement in scandal
Former Goldman Sachs banker, Leissner, pleaded guilty to his role in the scam that swindled almost $4 billion from victims in Malaysia.
As part of a plea deal, Leissner was to pay back $44 million in restitution and was able to avoid serving time in prison.
Simmons believes that Leissner’s desperation to avoid jail time and the massive amount of restitution owed was the motivation behind the theft.
However, the then-couple denied misuse of the shares.
Russell Simmons divorce settlement – Lee’s response
In response, Lee’s lawyer provided a statement explaining that when Lee used the Celsius shares in connection with the federal case bond, she believed they were authorized to do so.
At the time of the original lawsuit, the government held the shares.
Breach of contract claim
Simmons also filed a breach of contract claim against Lee.
However, Lee managed to prove that Simmons sold off his part of the shares before she attempted to use hers for Leissner’s bond.
As a result, Lee was not in breach of the contract, and the court dismissed the claim.
The former couple, father’s day controversy
Russell and Kimora married each other in 1998 but filed for divorce in 2008.
FOX LIFE: Kimora Lee Simmons Files for Divorce from Russell Simmons http://tinyurl.com/3d38nd
— Fox News (@FoxNews) March 27, 2008Russell Simmons is facing public criticism from his ex-wife, Kimora Lee Simmons, and their children.
On Father’s Day, Aoki Lee and her sister Ming Lee Simmons took to social media to express their grievances toward their father, Russell Simmons.
Aoki shared screenshots of conversations highlighting alleged mistreatment and financial disputes.
The public display of discontent shed light on the challenges faced within the family dynamic.
Allegations have been made against him, causing a significant impact on their family dynamics.
Kimora Lee Simmons has spoken out, demanding accountability from her ex-husband.
The public has shown support for the family, standing in solidarity with them.
The accusations have prompted a reevaluation of relationships and the establishment of new boundaries.
Kimora Lee Simmons and the children’s advocacy for change aims to empower others who may have faced similar challenges.
Cousins! A lot is going on right now on social media amongst the Simmons family as Kimora Lee Simmons has asked for her ex-husband and father to her daughters Russell Simmons to leave them alone! She says that things were cool with them all following their divorce nearly twenty… pic.twitter.com/zhAGE1iNbs
— NOIR ONLINE (@noironlineorg_) June 19, 2023The family is focused on seeking closure, healing, and prioritizing their well-being as they move forward.
Russell Simmons divorce settlement bottom line
In conclusion, the Russell Simmons divorce settlement puts an end to the bitter court battle between him and his ex-wife, Kimora Lee Simmons.
The court ordered Simmons to pay over $100,000 in legal fees and related expenses.
Despite their divorce, the former couple remains friends and business partners, having launched multiple brands that are pivotal in urban culture.
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