Record Exec Damon Dash -- Sued for Allegedly Selling Music He Didn't Have Rights To

Rapper Curren$y's music is NOT to be trifled with -- and to prove it ... the MC is suing famed music producer Damon Dash, claiming he is hocking several Curren$y albums without permission.

Curren$y filed the lawsuit against Jay-Z's old biz partner and former co-owner of Roc-A-Fella Records -- claiming he and Dash tried to negotiate an agreement to release music together in 2010 ... but the deal never materialized.

Curren$y claims Dash released two of his albums in 2010 -- but the two still couldn't reach an agreement ... so Curren$y signed with Warner Bros. in January 2011.

But according to the lawsuit, Damon was unmoved -- and CONTINUED to release Curren$y's music despite the new WB contract, which gave WB exclusive rights to Curren$y's jams.

Now, Curren$y is demanding the producer quit profiting off him in any way. Curren$y also wants $1.5 million in damages.

But Damon fired back at the accusations with his own response -- claiming, he has the right to release the albums in question because he was given permission. What's more -- Damon says Curren$y stabbed him in the back, reneging on his agreement with Damon and signing with WB instead.