News•November 26, 2000 2:20 PM ET•3,917 views
Tool gets sued for $5 million
Larrikin Management's Ted Gardner, co-founder of Lollapalooza and Tool's manager of eight years, has filed a $5 million+ lawsuit against Tool on Wednesday (11/22) in Los Angeles Superior Court. The suit is reportedly a result of "fraud, negligent misrepresentation, breach of contract, quantum merauit, and contract rescission" by the band in regards to their management contract with Gardner. Gardner claims that we wasn't paid his 20% commission for the multi-million dollar joint venture between Tool and Volcano/Zoo, among other things. The band reportedly refused to pay Gardner the commissions unless he signed a new management contract which "substantially reduced the commission rate of, and limited the time for, the continuing commissions...". Because of financial problems he was having at the time, Gardner signed the contract in March and the band fired him shortly thereafter in late May.
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