Jay-Z Files $3.7 Mil Suit Against Investment Firm & Bank

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Topic: Jay-Z Files $3.7 Mil Suit Against Investment Firm & Bank

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[T.N.G] THUGZ "N" GANGSTAZ

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Date: 15:06 02/08 2010

Jay-Z Files $3.7 Mil Suit Against Investment Firm & Bank

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Jay-Z has filed a suit against lenders he borrowed money from to develop a hotel in Manhattan.

The rap superstar is accusing Highland Capital Management LP and NexBank SSB of trying to bleed him for $3.7 million over a loan he took to build a new venture called the J Hotel, according to Reuters.

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 didnt 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.

Jay is seeking $3.7 million in damages, a declaration that would allow the property to be returned, and other remedies

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