Jay-Z Sues Investment Firm
By MusicRooms on 05/02/2010
Jay-Z has launched a multi-million dollar lawsuit against an investment firm over plans to build his own hotel in New York City.
Highland Capital Management are accused of acting in "bad faith" over the project in Manhattan.
The rapper alleges that the company's delaying tactics cost him a fortune when land earmarked for the J Hotel dropped in value.
Jay-Z says Highland's failure to buy it back resulted in a massive loss. He also claims they diverted funds from a reserve account.
"This action arises out of the efforts by defendants to bleed additional funds from the plaintiff," the rapper's lawyers stated.
"Defendants embarked on a bad faith course of conduct," they allege, in a lawsuit seeking $3.7 million.
However, Highland have dismissed the claim, calling it "meritless".
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