UPDATE, 1:59 PM: “He believed in me when nobody else did,” said Empire co-creator Lee Daniels today of Damon Dash with a promise to defang a $5 million dollar lawsuit the Roc-A-Fella Records co-founder hit the Shadowboxer director with earlier this week. “I'm happy to give him his money back even though the movie…

EXCLUSIVE: Old rumors about Roc-A-Fella Records may soon be laid to rest and, in some cases, confirmed. Music and film producer Damon Dash has partnered with Preachers Of L.A. executive producer Lemuel Plummer for a TV series that will tell the story of the storied rap label co-founded in 1996 by Dash, Kareem Burke…