MUMBAI: Rapper Lil Wayne has filed a lawsuit against his label company- Cash Money for violating terms of his contract, and hopes to cut ties with the record company. Reports state that Wayne, whose real name is Dwayne Michael Carter Jr., has filed a $51 million lawsuit against the label alleging that the company has not yet paid him for his yet to be released album 'Tha Carter V'.

According to reports, terms under a 2012 contract extension required Cash Money to pay the 32 year old rapper $8 million when he started work on the new album, and an additional $2 million after he delivered it. However, the label has still to pay him for starting work, despite him delivering the album in December 2014.

Wayne also claims that the label failed to pay for overhead and did not file royalty reports for his fellow rapper- Drake, who is signed under Young Money Entertainment, a Cash Money imprint. Along with wanting money damages and his due fees, the 'Lollipop' hitmaker has also asked to be announced as joint copyright holder of all the material released under Young Money, which includes recordings by Nicki Minaj and Drake.

The lawsuit comes after Wayne made his troubles with the record label public last month tweeting, "I want off this label and nothing to do with these people but unfortunately it ain't that easy". He followed it with another tweet that said, "I am a prisoner and so is my creativity".