Jay-Z To Bring $2.5 Billion Bacardi Lawsuit To Bermuda
Jay-Z is trying to move his multi-billion dollar lawsuit against Bacardi to Bermuda.
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.”
AY-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.