Jay-Z’s bitter war with Bacardi has been drawn into the new year, as the rap mogul looks to continue his $2.5 billion suit against the spirits conglomerate in Bermuda.
According to a report obtained by AllHipHop, the 53 year-old filed paperwork on Thursday (Jan. 5) to move the suit from the U.S. to the popular destination, where Bacardi’s base operations are located.
“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 filing reads. “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.”
In October, Jay-Z filed suit against Bacardi regarding the alleged misevaluation of D’USSÉ, claiming that their offer for his stake in the company was well below what he believes his percentage to be worth. Hov, who holds a 50% stake in D’USSÉ, has requested that Bacardi disclose all financial records in relation to the brand, as well as the location of “all warehouses storing D’USSÉ barrels, bottles and accessories” in an attempt to “protect SC’s rights.”
He also claims that Bacardi intentionally sabotaged its management of D’USSÉ in an effort to lower its valuation after the Brooklyn native’s company SC Liquor, demanded a buyout of its share a year prior. According to the rapper’s legal team, Bacardi’s subsidiary, Empire Investments Inc., has continued to “stall and stonewall” SC Liquors in avoidance of revealing D’USSÉs actual worth.
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In turn, Bacardi has charged Hov with failing to honor a “handshake deal” to sell his share to the company in December 2021, claiming he instead turned down their initial offer while demanding double the price.