According to a report AllHipHop published on Thursday, January 5, the co-owner of D'Ussé plans to move his $2.5 billion lawsuit against Bacardi to the British territory. Hov earned the right to a buyout of his 50 percent share of the brand back in 2021. Following a "handshake deal," Bacardi's U.S. subsidiary allegedly tried to get Hov's SC Liquors to sell his half of the brand for less than what it's worth. Legal documents obtained by the outlet allege that Bacardi was in breach of "D'Ussé's Operating Agreement under Bermudian law."
“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," the documents state. "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.”
JAY-Z initially filed a lawsuit against Bacardi back in October 2022 after he claimed the company refused to provide important information regarding D'Ussé's overall worth. Hov's legal team requested a multitude of records including locations of each warehouse storing D'Ussé barrels, bottles and accessories and copies of all books including information about Bacardi's entire physical inventory and its inventory process.
After the lawsuit was filed, Bacardi fired back and alleged that Hov was trying to "inflate the value of the brand that he'd promoted in his music over the past decade. The Roc Nation founder believed the cognac brand was worth at least $2.5 billion while Bacardi argued it was valued at $460 million. Hov decided to meet them in the middle with an offer of $1.5 billion. Once Bacardi declined the offer, Hov and his team were convinced something wasn't right.
Souce : The Breakfast Club
