Although he’s been hit with lawsuits of his own, Jay-Z is turning the tables this time and taking an investment firm to court.
Jay-Z filed a federal lawsuit yesterday against Highland Capital Management asserting that the firm tried to “bleed funds” from him and two of his business partners.
According to court documents, Jay borrowed $52 million from Highland Capital Management to go toward the “J Hotel”, a posh hotel he hoped to open in Manhattan’s Chelsea neighborhood.
He says however that the idea between him and two other business partners was put on hold following last year’s shaky economy.
When Jigga and his partners asked to restructure the loan last year, they claim that Highland Capital deliberately made it a long, drawn out process that ultimately cost him $20,000 a day.
He is seeking $3.7 million in damages.
A spokesperson for Highland Capital has since spoken out against Jay saying his lawsuit is “meritless” and the firm has vowed to “vigorously defend itself.”
He said it before….
He’s not a businessman….he’s a business, man.