Jay-Z Files $3.7 Million Lawsuit Over His "Empire State" Hotel Deal

Youngmoneyclick · 02-05-2010, 03:08 AM

Rap mogul Shawn "Jay-Z" Carter has reportedly filed a $3.7 million lawsuit against an investment firm regarding a 2007 loan for a New York City hotel.
Click here to find out more!

According to reports, Jay is seeking legal action against Highland Capital Management.

Carter says that when the value of the property fell, he attempted to return it to Highland to avoid repossession, and that the company's subsequent unresponsiveness cost him millions; the lawsuit seeks $3.7 million in damages. The lawsuit also claims that Highland improperly diverted funds meant from a reserve account. Highland says his claims are "meritless," and that the loan remains in default. (Entertainment Weekly)

Speaking in its own defense, the investment firm said it is unfazed by the rapper's position.

Calling Jay-Z's claims "meritless," Highland says it "will vigorously defend itself" and pursue obligations owed to investors. The investment firm says Jay-Z's loan matured last August and is currently in default. (Black Book Mag)

A statement from Jay's attorneys has also been released.

"This action arises out of the efforts by defendants to bleed additional funds from the plaintiff," the rapper's lawyers stated in legal documents. "Defendants embarked on a bad faith course of conduct." (BBC News)

Aside from the legal matter, Jay-Z and his wife/singer, Beyonce Knowles, were recently named the top earning couple in entertainment.

Music duo Jay-Z and Beyoncé Knowles earned $122 million between June 2008 and June 2009, landing them atop the publication's annual Top-Earning Couples list in Hollywood for the second year in a row. The couple married quietly in 2008 and are responsible for everything from music ("Single Ladies" and "Empire State of Mind") to clothing lines, worldwide tours, and product endorsements (like American Express and Budweiser). (Billboard)

No further details have been revealed as of now.

Source:SOHH

GMNRecordsCT3 · 02-05-2010, 09:08 AM

ya anyway Fat Joe using the same flow on his new song as Empire State of Mind...

sudath · 02-05-2010, 09:32 AM

fuck gay-z and fat ho

Persis Beats · 02-05-2010, 12:04 PM

Quote:

Originally Posted by sudath

fuck gay-z and fat ho

ahhaah

Naturalbornalkaholik · 02-05-2010, 05:26 PM

fuck jay-z
fuck all that bitch rappers like lil' wayne and jay-z

tmel87 · 02-10-2010, 03:16 PM

Live Nation's giving out floor tickets and a trip to NYC to see JAY-Z! Check it out -

02-05-2010, 03:08 AM	#1
Youngmoneyclick free lilwayne Join Date: Jul 2006 Location: in tha hood Posts: 3,528 Repped: 217 Repped 6,007 Times in 1,906 Posts Neg Reps: 99 Neg Repped at 303 Times in 164 Posts	Jay-Z Files $3.7 Million Lawsuit Over His "Empire State" Hotel Deal Jay-Z Files $3.7 Million Lawsuit Over His "Empire State" Hotel Deal Rap mogul Shawn "Jay-Z" Carter has reportedly filed a $3.7 million lawsuit against an investment firm regarding a 2007 loan for a New York City hotel. Click here to find out more! According to reports, Jay is seeking legal action against Highland Capital Management. Carter says that when the value of the property fell, he attempted to return it to Highland to avoid repossession, and that the company's subsequent unresponsiveness cost him millions; the lawsuit seeks $3.7 million in damages. The lawsuit also claims that Highland improperly diverted funds meant from a reserve account. Highland says his claims are "meritless," and that the loan remains in default. (Entertainment Weekly) Speaking in its own defense, the investment firm said it is unfazed by the rapper's position. Calling Jay-Z's claims "meritless," Highland says it "will vigorously defend itself" and pursue obligations owed to investors. The investment firm says Jay-Z's loan matured last August and is currently in default. (Black Book Mag) A statement from Jay's attorneys has also been released. "This action arises out of the efforts by defendants to bleed additional funds from the plaintiff," the rapper's lawyers stated in legal documents. "Defendants embarked on a bad faith course of conduct." (BBC News) Aside from the legal matter, Jay-Z and his wife/singer, Beyonce Knowles, were recently named the top earning couple in entertainment. Music duo Jay-Z and Beyoncé Knowles earned $122 million between June 2008 and June 2009, landing them atop the publication's annual Top-Earning Couples list in Hollywood for the second year in a row. The couple married quietly in 2008 and are responsible for everything from music ("Single Ladies" and "Empire State of Mind") to clothing lines, worldwide tours, and product endorsements (like American Express and Budweiser). (Billboard) No further details have been revealed as of now. Source:SOHH __________________

02-05-2010, 09:08 AM	#2
GMNRecordsCT3 Macaroni wit the Cheeesse Join Date: May 2005 Location: Wash Heights, NYC Posts: 18,152 Repped: 7,043 Repped 2,391 Times in 668 Posts Neg Reps: 306 Neg Repped at 70 Times in 56 Posts	ya anyway Fat Joe using the same flow on his new song as Empire State of Mind... __________________ myspace.com/bummydavis - soundclick.com/gmnproductions "The name on my car insurance is YOUR FUKIN FAULT!!"

02-05-2010, 05:26 PM	#5
Naturalbornalkaholik Veteran Join Date: Aug 2006 Location: belgium Posts: 9,554 Repped: 5,845 Repped 1,154 Times in 274 Posts Neg Reps: 443 Neg Repped at 47 Times in 32 Posts	fuck jay-z fuck all that bitch rappers like lil' wayne and jay-z __________________

02-10-2010, 03:16 PM	#6
tmel87 Join Date: Feb 2010 Location: los angeles,ca Posts: 1 Repped: 0 Repped 0 Times in 0 Posts Neg Reps: 0 Neg Repped at 0 Times in 0 Posts	Win a trip to new york + tickets to see jay-z! Live Nation's giving out floor tickets and a trip to NYC to see JAY-Z! Check it out -

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

02-05-2010, 09:32 AM	#3
sudath Join Date: Oct 2009 Location: amsterdam Posts: 104 Repped: 0 Repped 35 Times in 26 Posts Neg Reps: 0 Neg Repped at 35 Times in 27 Posts	fuck gay-z and fat ho