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Despite the negative press, Simmons said he has nothing to hideand did no one dirty.

Russell Simmons is firing back at his ex-business partner’s legal threats … telling TMZ he did NOT siphon off millions of dollars from his sneaker company — and any accusations otherwise are the workings of a “disgruntled” employee. Russell was out in L.A. Monday and tells TMZ … any accusations of hiding profits are 100% “not true”. He continues, “[Rasheed] worked for me … I fought to keep his job … and I’m sorry he’s disgruntled, but that’s what happens. Anyone can say anything if a celebrity’s name’s attached to it … there’s nothing I can do about it … it’s false.” Russell adds, “We never stole any money from anybody.” (TMZ)

Details of the allegations made headlines last Sunday (January 20).

Russell Simmons’ and Reverend Run’s business partner has declared war on the hip hop moguls — claiming they’ve hijacked MILLIONS in profits from their kids shoe company … and now, he’s gearing up to sue. Lawyers for Rasheed Young — President of Run Athletics — sent Russell and Rev. Run a letter back in November, accusing the brothers of secretly funneling millions in revenue from their Pastry brand of footwear … into a company that Rasheed isn’t a part of. Rasheed claims Pastry has raked in tens of millions in sales — and so far, he hasn’t seen a penny of it. (TMZ)

According to Simmons’ Rush Communications website, Run Athletics started up nearly a decade ago.

Run Athletics launched in fall 2003 by Hip Hop visionary Russell Simmons and his brother Joseph Simmons, (a.k.a Rev Run) former member of rap group RUN DMC. Rev Run, of MTV’s Reality Show, Run’s House, which is currently in its fifth season. The show has been an enormous success and that family values are priority in Run’s life. His insight on sneakers and notoriety as an artist have attributed to the success of the Adidas Supestar (a.k.a The Shell Toe) and the Phat Classic sneaker. (Rush Communications)

The cited Pastry line is reportedly run by Rev. Run’s daughters.

The Pastry program designed by Run’s daughters, Vanessa and Angela Simmons was launched in 2007. The line has been an overwhelming success in the female, juniors and young adults markets. The Run Athletics 2008 Spring collection highlights the ICON Collection. The first installment honors the legacy of Joseph Simmons a.k.a Rev Run. The ICON is a classic silhouette available in White/White, White/Black, and Black/Black. (Rush Communications)