Jay-Z sues investment firm over Manhattan hotel loan
Hip-hop superstar Jay-Z, a.k.a. Shawn Carter, has filed a lawsuit again investment firm Highland Capital Management over a 2007 loan to help him build a hotel in Manhattan, according to BBC News.
Carter says that when the value of the property fell, he attempted to return it to Highland to avoid repossession, and that the company’s subsequent unresponsiveness cost him millions; the lawsuit seeks $3.7 million in damages. The lawsuit also claims that Highland improperly diverted funds meant from a reserve account.
Highland says his claims are “meritless,” and that the loan remains in default.