Over $2 billion is said to be in dispute in a lawsuit between Jay-Z and Bacardi, Complex reports.
According to Complex, “the experience profile of Daniel Schimmel—who’s listed as heading the International Litigation and Arbitration practice of Foley Hoag’s New York offices and is an arbitrator in the case in question—cites the $2 billion figure as part of his work history.”
The outlet also notes Schimmel previously served as an arbitrator in Jay-Z’s ligation case back in 2018.
“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,” Schimmel’s website read, based on a Complex report from Nov. 28.
A source close to Hoag claims the $2 billion case mentioned by Schimmel is pertaining to the disagreement between Jay-Z and Bacardi.
Closure between both parties could be expected starting as early as next month.
The outlet reports that Jay’s SC Liquor LLC has been approved for an emergency hearing against Bacardi subsidiary Empire Investments Inc.
The hearing could help provide further clarity on what Jay-Z’s share of the partnership is truly worth.
Bacardi alleges Jay-Z “abruptly reneged on its agreement and doubled its demanded valuation,” TMZ reports. Additionally, Bacardi claims Jay-Z “outrageously” inflated what his stake in the partnership is worth.
This follows after Jay-Z was believed to be interested in selling his share in the partnership.
“According to docs, Jay’s company, SC Liquor, exercised its right to a buyout about a year ago. Under their agreement, Bacardi now has to ‘negotiate in good faith to come up with a fair price for Jay’s stake in D’Ussé,” TMZ reports.
Jay-Z allegedly requested documents that could substantiate the valuation, and Bacardi is believed to have followed up with 800 documents.
Jay-Z or Bacardi have not yet released an official statement on the speculations surrounding the matter.