Jay-Z, aka Shawn Carter, has filed a second complaint in Delaware’s Chancery Court. According to sources, the disagreement between Hov and the liquor company has surpassed $2 billion.
Jay-Z’s legal battle with Bacardi has reached a new level. According to rumors, more than $2 billion may be at stake in Hov’s Bacardi court action related to their D’Usse business partnership.
According to sources, Daniel Schimmel, an arbitrator in the Jay-Z case, listed the $2 billion amount in his work history on his law firm’s website.
Jay-Z and his legal battle with Bacardi
“Chair of an International Centre for Dispute Resolution Tribunal with a seat in New York in an arbitration between members of a Delaware limited liability company.” The disputed figure exceeds $2 billion.”
SC Liquor, Hov’s booze company, questioned its Bacardi partners about their financial connection last month.
Jay-Z’s SC Liquor company filed the case in October, citing concerns about Bacardi’s financial transparency over their D’USSÉ collaboration. To “defend SC’s rights,” Hov asked that Bacardi release their books and provide the “location of all warehouses containing D’USSÉ barrels, bottles, and accessories.”
JAY-Z later claimed that Bacardi purposefully mismanaged the brand to purchase his 50 percent stake at a discount. According to court documents, SC Liquor exercised its right to a buyout a year before the action was filed, implying that Bacardi was required to offer a reasonable price.
They contend, however, that Bacardi’s subsidiary, Empire Investments Inc., has been attempting to “delay and stonewall” efforts to reveal an actual valuation of D’USSÉ. The sum presented by Bacardi was supposedly “far below” what JAY-Z had in mind.
Meanwhile, Bacardi has accused Hov of breaking a “handshake arrangement” to sell his part to the firm last December. According to the alcohol company, the 52-year-old rapper abruptly reneged on the agreement and demanded twice the price they agreed upon.
Furthermore, Bacardi claims it has previously supplied over 800 pages of financial records in the dispute, but any additional documents are barred because they contain information unrelated to their D’USSÉ collaboration.
SC Liquor has been granted an emergency hearing against Empire Investments Inc., which is set for early December.