Kim Kardashian, Khloe Kardashian and Kourtney Kardashian have fired back after being sued for breach of contract and fraud over their alleged failure to promote their Kardashian Beauty line.

Last month, hedge fund Hillair Capital Management filed a lawsuit against the Kardashian sisters, claiming that the Keeping Up With the Kardashians stars did not abide by their contract and did not do enough to promote their their Kardashian-branded beauty products.

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In its lawsuit, Hillair claims it came to the rescue of the cosmetics brand and "put up millions of dollars" in order to help the makeup line after its first distributor, Boldface, went "belly up" " and as part of their contract with the company, the Kardashian sisters were supposed to "actively promote, market and support" the line.

However, the Kardashians filed legal papers in court stating that Hillair's company had vested interests and "planned to make millions of dollars in exploitative loans to a distressed cosmetics company (Boldface) that had licensed the Kardashians' names and images for use on color cosmetic products."

The documents alleged that Hillair was planning on acquiring Boldface's assets and sellling them for a big profit and as per the Kardashians' agreement with the original distributor, Hillair needs to resolve the dispute with the sisters through an arbitration process.

"Rather than take responsibility for its own failings, Hillair filed this frivolous lawsuit, seeking to shift blame to the Kardashians by conjuring up the facially absurd narrative that Hillair, a hedge fund, actually intended to shift gears and go into the cosmetic business," the paper reads.

The filing further states that the Kardashians issued a breach of license notice to Hillair and that the lawsuit filed against them was a "preemptive" move as the company believed "it is likely to be held liable for hundreds of millions of dollars in damages to the Kardashians."

"It speaks volumes that the Kardashians are seeking to do everything possible to ensure that the legal proceedings are shrouded in the secrecy of arbitration," Hillair's legal counsel, Gregory Fayer of Fayer Gipson LLP told People. "The errors of fact and misstatements and law in the Kardashians' filing are too numerous to recount. The agreements on which they rely are simply not at issue in Hillair's lawsuit, and we are confident that there is no valid basis for the Kardashians to compel arbitration."

TagsKardashian sisters, Kim Kardashian, Khloe Kardashian, Kourtney Kardashian, Hillair, Kardashian Beauty