The rap stars used the music for tracks You and Certified, and are said to have short-changed the songwriters, according to TMZ.com.
The lawsuit was settled and the pair was ordered to pay $3.3 million to the original songwriters, who were not named on the website.
Lil Wayne and his former mentor Bryan 'Birdman' Williams are also in the midst of their own legal battles with one another, after the Lollipop hitmaker claimed the Cash Money Records boss had withheld money allegedly owed to him for his long-delayed album Tha Carter V.
Wayne, real name Dwayne Carter, Jr., filed the $51 million (£38 million) suit against Williams in January, 2015. He blamed label executives for preventing the project's release and told his fans on Twitter he was being held "prisoner" by Cash Money chiefs and wanted out of his contract.
Williams denied the album issues were his fault, further stating he would never interfere in the rapper's creative output because it is makes no financial sense.
Lil Wayne is also involved in yet another financial tussle, after his attorneys filed a federal lawsuit against bosses at Universal Music Group (UMG) and SoundExchange in California in March (16). In legal documents, he claimed he is owed millions in profits for discovering and mentoring artists such as Drake, Nicki Minaj and Tyga. That lawsuit was put on hold while he focuses on his legal battle with Williams.