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Jay-Z is suing investment firm Highland Capital Management LP in a dispute over loan guarantees for a failed hotel deal, repots Bloomberg.
The rapper, born Shawn Carter, claims Highland and co-defendant NexBank SSB are attempting to “bleed” from him funds in excess of those he and two other men pledged to pay when they guaranteed the non-principal obligations of a company planning to build a hotel in Manhattan’s west side neighborhood of Chelsea.
Highland and NexBank acted in bad faith when they declined to clear Carter and his fellow guarantors of their obligations after receiving a deed in lieu of foreclosure on the property, according to the complaint, which was filed Thursday in federal court in New York.
The rap star is seeking a declaratory judgment that he has met those obligations. He’s also seeking damages of more than $3.7 million for the additional interest and other costs incurred while still being held liable under the agreements.
Nina Devlin, a Highland spokeswoman, said “Highland Capital Management believes the claims asserted by Mr. Carter are meritless and will vigorously defend itself and intends to pursue the obligations owed to Highland’s investors.”
