Jay Z The lawsuit against Bacardi turned out to be a huge battle, with more than $2 billion reportedly set for grabs.
The Brooklyn-born rap mogul, who Personal net worth is estimated to be around $1.5 billionCurrently The giant of spirits is suing Due to a dispute regarding their brand D'USSÉ cognac, in which they are 50/50 partners.
as such Complex pointed out Profile of Daniel Schimmel - a partner at the law firm Foley Hoag LLP who is an arbitrator in the case - cites the $2 billion figure.
“Chief ICDR Tribunal with seat in New York in arbitration between members of a Delaware LLC. Amount in dispute exceeds $2 billion,” reads an entry under the “Experience” section.
A source close to Foley-Hough pointed out that the case in question was actually Jay-Z's lawsuit against Bacardi, while the lawsuit itself was filed in Delaware.
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The lawsuit, filed in October by JAY-Z's subsidiary SC Liquor, centers around concerns about Bacardi's financial transparency regarding their partnership with D'USSÉ. Hov Bacardi demanded that they open their books and disclose "the location of all warehouses that store D'USSÉ barrels, bottles and accessories" in order to "protect SC's rights".
It later turned out that JAY-Z was Bacardi is accused of willfully mismanaging the brand in an effort to buy his 50 percent stake at a discount. According to court documents, SC Liquor exercised its right to claim the takeover a year before the lawsuit was filed, which means Bacardi was obligated to offer a fair price.
However, they believe that Bacardi's subsidiary, Empire Investments, is trying to "stall and derail" efforts that would reveal an accurate valuation of D'USSÉ. Apparently the number Bacardi brought to the table was "a lot lower" than Jay-Z had in mind.
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Meanwhile, Bacardi Hof accused of reneging on 'handshake deal' To sell his stake in the company last December. The spirits giant claimed that the 52-year-old rapper abruptly reneged on the agreement and demanded double the price they had agreed upon.
In addition, Bacardi claims to have already provided more than 800 pages of financial records in this case, but any other documents are prohibited because they contain separate information about their D'USSÉ partnership.
Consequently ComplexSC Liquor has been granted an emergency hearing against Empire Investments Inc. , which is scheduled for early December.
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