Jay-Z certainly hasn’t accumulated his net worth of over $1.5 billion through music alone. He has invested in businesses worldwide and has some companies of his own. Last year one such business-related matter dragged Jay-Z to trial in court.
Page Six reports that perfume company Parlux filed a $68 million lawsuit against the 52-year-old rapper in 2016. The lawsuit accused Jay-Z of failing to uphold his end of a 2012 contract to promote his eponymous fragrance, Gold Jay Z.
However, on Thursday, an appellate court ruled that Jay-Z is entitled to over $4.5 million in royalty claims against the earlier mentioned perfumed company.
During the three-week trial in October, Jay-Z’s lawyer asked the jury to grant the rapper counterclaim against Parlux, which sought over $4.5 million in alleged unpaid royalties. Then the Jury found Parlux doesn’t have to pay damages to Jay-Z either.
In the new ruling on Thursday, the appellate court found Jay-Z and his company “are entitled to summary judgment on their royalties counterclaim.” Justice John Higgitt wrote the following in unanimous decision;
“The record is clear: Parlux sold licensed products after July 31, 2015, but failed to pay royalties on those sales.”
At the trial, Parlux lawyer alleged that Jay-Z and his company S. Carter Enterprises LLC, broke their agreement when the rapper didn’t show up for the 2014 Gold Jay Z launch at Macy’s and failed to make promotional spots on “Good Morning America” and in Women’s Wear Daily.
“Parlux invested $29 million into that venture. It upheld its end of the bargain,”
“The defendants didn’t uphold their end of the bargain.”
“If the defendants had fulfilled the contract, if they have upheld their end of the bargain, Parlux would have had a runaway success,” “We would have netter $67.6 million in net profits.”Parlux lawyer Anthony Viola argued in the closing arguments
Jay-Z’s lawyer Alex Spiro posed an important question in the closing arguments
“Why on Earth would Jay-Z put his name on one product and only one product in his entire career if he wanted that product to fail? Why?” “And that’s a question they will never be able to answer because there is no answer.
It seems like Jay-Z is about to add more millions to his net worth. Keep checking with Thirsty as we continue monitoring this ongoing situation.
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