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HomeMusic storiesJay-z Moves $2.5b Bacardi Dispute To Bermuda

Jay-z Moves $2.5b Bacardi Dispute To Bermuda

JAY-Z is planning for a way to take the billion-dollar lawsuit with Bacardi in Bermuda.

According to an article from AllHipHop this Thursday (January 5) The Roc nation mogul is preparing papers to transfer the $2.5 billion lawsuit to the headquarters of Bacardi within the British Overseas Territory.

“SC is now preparing to bring litigation against Bacardi in Bermuda, where Bacardi is incorporated and headquartered (the ‘Bermuda Action’), for procuring a breach of D’Usse’s Operating Agreement under Bermudian law,” the documents read. “In the interest of this lawsuit, SC seeks this Court’s assistance to collect relevant evidence from investors in Bacardi or its affiliates who are located within this Court’s authority.

“SC therefore respectfully requests that this Court approve the application and permit service of the proposed subpoenas seeking documents to aid its anticipated Bermuda Action.”

Hov began the suit to the giant spirits company in late October that was based on concerns regarding their financial transparency with regard to the 50/50 partnership with D’USSE. Hov demanded Bacardi to open its books and provide its “location of all warehouses storing D’USSE barrels, bottles and accessories” to “protect SC’s rights.”

JAY-Z has accused Bacardi of deliberately not managing D’USSE in order to acquire his 50 percent stake at a reduced price. In court papers SC Liquor exercised its right to ask for a buyout year prior to the time it was time to file the suit, this means Bacardi had to offer an acceptable price.

But, Jay’s business believes that Bacardi’s subsidiary Empire Investments Inc., has tried to “stall and stonewall” efforts that could give a precise estimation of D’USSE. The number Bacardi presented to the table appeared to be “well below” what JAY-Z was thinking of.

In reply, Bacardi accused Hov for reversing the “handshake deal” to sell his shares for the business in the month of December in 2021. The company claimed that JAY-Z “abruptly” reneged on the deal and demanded a double the price that they had agreed on.

Bacardi is also claiming to have already provided over 800 pages worth of records for the matter, however any additional documents are off boundaries as they contain information distinct from the D’USSE partnership.

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