JAY-Z is looking to bring his multi-billion dollar lawsuit against Bacardi to Bermuda.
According to a report from AllHipHop on Thursday (January 5), the Roc Nation mogul has filed paperwork to move the $2.5 billion suit to Bacardi’s headquarters in 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 aid of that contemplated case, SC seeks this Court’s assistance to obtain relevant evidence from certain investors in Bacardi and/or its affiliates that are found within this Court’s jurisdiction.
“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 opened up the lawsuit against the spirits giant in October, centered around concerns over their financial transparency regarding their 50/50 D’USSÉ partnership. He demanded Bacardi open up its books and reveal the “location of all warehouses storing D’USSÉ barrels, bottles and accessories” in order to “protect SC’s rights.”
JAY-Z is accusing Bacardi of intentionally mismanaging D’USSÉ in an effort to purchase his 50 percent share at a discount. According to court documents, SC Liquor exercised its right to demand a buyout a year before the lawsuit was filed – which means Bacardi was obliged to come up with a fair price.
However, Jay’s company believes Bacardi’s subsidiary, Empire Investments Inc., has been trying to “stall and stonewall” efforts that would reveal an accurate valuation of D’USSÉ. The figure that Bacardi brought to the table was apparently “well below” what JAY-Z had in mind.
In response, Bacardi accused Hov of backing out of a “handshake deal” to sell his share to the company in December 2021. The company said JAY-Z “abruptly” reneged on the agreement and demanded double the price they agreed upon.
Bacardi also claims it has already submitted more than 800 pages of financial records in the case, but any further documents are off limits because they contain information that is separate from their D’USSÉ partnership.
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