Jay-Z‘s Bacardi lawsuit over D’USSÉ reportedly exceeds $2 billion.
The Roc Nation boss previously filed a lawsuit against the company over a dispute concerning their D’USSE cognac brand. In October, Jay’s SC Liquor company filed a suit over Bacardi’s financial transparency regarding their D’USSÉ partnership.
He later accused Bacardi of intentionally mismanaging the brand in order to purchase his 50 percent share of the company at a discounted rate.
Now, according to Complex, new details about the deal have been revealed. In a recent report, the publication pointed out Daniel Schimmel’s profile, which cites the $2 billion deal and lists him as the lead arbitrator at Foley Hoag’s Litigation and Arbitration office.
“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,” an entry under his “experience” section says.
A source close to Foley Hoag LLP, the law firm where Schimmel works, has also confirmed the case is indeed Jay’s lawsuit.
Nevertheless, Bacardi accuses Jay of backing out of a “handshake deal,” which indicated he approved of selling his share of the company. Bacardi claims that Jay abruptly retracted the agreement last December and demanded double of what was initially offered.
In addition, Bacardi claims it has already submitted over 800 pages of financial documents for the case. However, any other records are not allowed to be used in the case because they contain information outside the D’USSE partnership.