Jay-Z Files Lawsuit Against Investment Firm
According to XXL Jay-Z is seeking up to $3.7 million from Highland Capital Management LP, citing their failure to hold up the end of a deal costs him more than it should have.
Hov reportedly bought the space at 511 West 21st Street back in August 2007 and took a $52 million senior loan, yet after the real estate market took a dive, Jay tried to give the land to the Highland instead of going into foreclosure.
In a complaint filed, Jay said the investment firm didn’t take the deal, causing him to pay a sizeable amount of interest fees on the loan along with carrying costs. “This action arises out of the efforts by defendants to bleed additional funds from [the] plaintiff,” the paperwork read. “Defendants embarked on a bad faith course of conduct.”
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