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HipHopDX has an interview with Cassie.

DX: When folks were saying you got dropped from Bad Boy, what was your initial conversation with Puff like? Did it ever get to that point?
Cassie: Um, I actually had only heard stuff like "Oh, she needs to be dropped!" I had never actually heard that I was dropped because I think I would have known before any one else. I know there were petitions that people put signatures on and shit like that. That was the only thing I heard. I never actually heard about being dropped. But, there were rumors that I was leaving. Crazy stuff.