Billionaire Jay-Z clearly doesn’t play about his coins.
TMZ reports Jay-Z is filing a lawsuit against Bacardi 11 years after forming a relationship with the spirits company.
Catalyst: Jay-Z has a 50/50 partnership with Bacardi over D’Usse. This could be challenged as he is working to reportedly “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” it pertains to the partnership.
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Looking for full transparency: The outlet reports that court documents show Jay-Z’s company, SC Liquor, is looking for full transparency as it relates to the exact amount of money his widely popular cognac line is ringing in.
In addition, Jay-Z’s company is pushing for as much information as possible that can substantially prove earnings such as:
- information about inventory and the inventory process
- warehouse locations that store D’Usse barrels
As of now, there has not been an official word from Jay-Z or Bacardi.
The lawsuit follows just two months after a verdict from a court battle involving Jay-Z.
As AfroTech previously told you, Jay-Z and Parlux Fragrances had a six-year dispute over an alleged breach of contract.
The fragrance company stated Jay-Z did not uphold his contractual obligations when he allegedly failed to promote their brand. Jay-Z countersued as he “fulfilled his obligations despite numerous missteps from Parlux.”
In the end: Jay-Z prevailed and would no longer have to pay the $67 million in damages. This year, Manhattan Supreme Court Justice Andrew Borrok ruled that Parlux would need to compensate Jay-Z $6.78 million in unpaid royalties coupled with an interest.
“We’ve been awarded and will be receiving the money as we should,” Jay-Z’s lawyer Alex Spiro shared, according to the New York Post.
Clearly, this is not Jay-Z’s first rodeo in court.
Only time will tell what actions will be decided with his long-running partnership with Bacardi.