Jay-Z’s Bacardi Dispute Reportedly Reaches $2 Billion
Jay-Z
Jay-Z’s Bacardi Dispute Reportedly Reaches $2 Billion
Jay-Z’s lawsuit with Bacardi has hit 10 figures!
New reports reveal that over two billion dollars may be in dispute in Grammy-Award winner Jay-Z’s Bacardi lawsuit in connection with their D’Usse business partnership. According to reports, Daniel Schimmel, an arbitrator in the Jay-Z case, cited the two billion dollar figure as a part of his work history on the law firm’s site. Court documents, that listed Daniel Schimmel as one of the original arbitrators in Hov’s 2018 litigation against Iconix Brand Group Inc., read:
“Chair of an ICDR Tribunal with a seat in New York in an arbitration between members of a Delaware limited liability company. The amount in dispute exceeds US $2 billion.”
As previously reported, Jay-Z, born Shawn Carter, wants to opt-out of his D’Usse partnership but is seemingly facing obstacles in doing so. The entrepreneur has hopes to sell his share of the cognac brand but is claiming that Bacardi is trying to lowball him on the sale total. As a rebuttal, the major spirits company slammed the 52-year-old for allegedly backing out of his end of the deal. Bacardi’s subsidiary, Empire Investments, responded to the Brooklyn native’s lawsuit, claiming that both parties actually had a “handshake deal” last December in which Empire Investments agreed to purchase Jay-Z’s 50 percent stake in D’Usse. However, the liquor company says Hov “abruptly reneged on its agreement and doubled its demanded valuation.”
Jay-Z
SCLiquor LLC then filed a suit against Bacardi, with intentions to investigate allegations that Empire has“artificially held D’Usse back from achieving its full potential” for years. The liquor company also claims that they gave Jay-Z more than 800 pages of financial records, and any further documents he intends to retrieve are not for his eyes, because they involve Bacardi data.
Jay-Z
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