An eight-year legal battle finally came to an end for billionaire rapper and entrepreneur Jay-Z, following a New York court ruling in favor of the music mogul to be paid nearly $7 million in back royalties from a luxury perfume company.
On Aug. 25, Manhattan Supreme Court ordered Los Angeles-based Parlux Fragrances to pay Jay-Z $6.78 million in unpaid royalties, including interest, the New York Post reported.
Hov’s partnership with the luxury perfume brand soured in 2016, when the company sued Jay, claiming he violated his contractual agreement to promote his signature “Gold Jay-Z” fragrance by not making a promotional appearance at Macy’s to market the cologne.
Following a three-week trial in November 2021, the jurors found that the hip-hop maven wasn’t liable for the $67 million in damages for which Parlux was suing him. Jay’s legal team presented a strong argument rebutting the company’s claims that the renowned Brooklynite intentionally refused to abide by terms of the contract for promoting the fragrance, instead insisting that fragrance company failed at its own marketing campaign to promote the Carter-branded scent.
But the jury also rejected Jay-Z’s roughly $6 million countersuit over unpaid royalties at the time. Alex Spiro, a lawyer for the “Empire State of Mind” rapper, asked the jury to grant his client’s counterclaim against Parlux seeking over $4.5 million in alleged unpaid royalties. An appellate court would later overturn the ruling, stating that Jay-Z and his company S. Carter Enterprises “are entitled to summary judgment on their royalties counterclaim.”
“We’ve been awarded and will be receiving the money as we should,” Spiro told The Post.
Being the first hip-hop artist to surpass a billion dollars in net worth, Jay-Z, husband to superstar singer Beyoncé, continues to elevate his portfolio of investments in highly profitable companies such as that of his protege, Rihanna, and her Savage lingerie line, and various other startups that he holds a stake in, or is actively funding through his venture capital firm, Marcy Venture Partners.
According to Forbes, Jay-Z’s net worth is estimated to be $1.3 billion as of June 14, 2022. This judgment will only add to his growing fortune.