UPDATE 1/6/2017: A rep for Rostrum Record told Complex in a statement Friday that "all disputes" between the two parties had now been resolved:

"Wiz Khalifa and Rostrum Records Founder Benjy Grinberg announced today that all disputes between the two parties have been resolved following a joint settlement agreement. This agreement includes the dismissal of lawsuits that each party had previously filed against each other earlier this year. Both parties are pleased with the outcome and look forward to putting this matter behind them."

See original story below.

Rostrum Records is firing back at Wiz Khalifa. Earlier this month, the 28-year-old rapper filed a $1 million lawsuit against the company in an effort to terminate a 360 deal. On Wednesday, Rostrum and its president Benjy Grinberg filed a counter-lawsuit that claims Wiz did not comply with the initial agreement and still owes the label millions of dollars.

According to the lawsuit, a 2005 contract entitles Rostrum to 15 percent of all music and touring royalties received by Wiz, as well as 20 percent of profits from merchandise. Grinberg and his label insist that Wiz is trying to avoid payment by filing a "factually baseless and legally meritless" lawsuit. 

Grinberg said in a statement:

"Thirteen years ago, we started Rostrum Records as a label that would support and nurture the artists we believe in. We are very grateful that Rostrum has been able to achieve that goal and provide a strong, family atmosphere where meaningful relationships with the artists is our top priority. To give everything you have to an artist and then to be on the receiving end of a fabricated lawsuit is deeply disappointing. What was alleged is, in fact, the complete opposite of our actions and the antitheses of what Rostrum Records and I stand for. Rostrum looks forward to quickly addressing these baseless claims so we can continue to focus our energies on our artists' success."

Rostrum and Grinberg are seeking more than $2 million in the lawsuit.