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

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 didn’t 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. —Elan Mancini

  • jtm

    where is my homie g unot killa at

  • goblin

    take the “bleeding” like a man, son..
    wtf it’s not like jay-z is going to notice 3.7 mill in damages lol asshole has more money than the president.

  • Fresh

    “Y’all going really trip off my next deal” LOL…Looks like weren’t the ones tripping, but its on to the next one!

  • Mutada/Mullah Atari

    The Camel put his hoof print to the paper but wont honor his contract.

    Mr. 45 years old but still aint got no kids..
    Made a bad investment he wants to give it back.
    This is the equivalent of a RN (Regular Nigga) doing the following: My payment is to high because I bought a used car I could not afford with a 20% interest because my credit is fucked up, and lost my job, so lets burn the car in Mexico and report it stolen to get the insurance, but ooop’s my stupid ass neglected to by gap insurance. Good luck with that one Camel

    • jessica

      nine times outta ten your are a broke hater.. id guess someone from the sticks. ya damn skippy he wants his. Get yours pimpin..

  • yeah

    this is what i said along time ago you have to watch these people. they see a rich young person and they say how can i take this kids money. 10 years ago the higher up saw Diddy on his boat and Jay-z took a vacation in certain areas .They said what are these people doing here this is no place for them. They was told the money came off of rap music.THE HIGHER UPS SAID WE NEED THE RECORD COMPANIES TO HAVE A MERGER . This Merger was to stop young black business kids to stop getting money . They were mad at C. Davis for giving Diddy that money. They where mad a Jay_z for making that money . I hope homie gets that money back plus more . But its big bank take little bank.

    • CrunchyBlack187

      Are you joking? Jay-Z doesn’t need any of that money and he’s not really a “young person”, he should know better or have better people in his ear making business decisions. And stop with the “they’re trying to stop blacks form getting money” shit, big business/banks are trying to stop EVERYONE from getting money. Stop making things unnecessarily racial.

      • The1987Kid

        It’s not a racial thing my man its a fact..

    • cmoney85

      Man Why take a loss if you dont have to. Bad business is bad business. Thats like you common folk people like myself going somewhere and then someone sticking you with a 100 dollar charge that would not have gotten without their input and you just saying o since i have the money I will go ahead and pay it.. hell no, but im sure this situation is no ” biggie” for jay

  • Pingback: » SPOTTED: JAY-Z LEAVING DINNER IN NYC // 'CONCRETELOOP.COM' - QUALITY NOT QUANTITY

  • yeah

    It not unnecessarily racial if i heard it out a racist mouth . i would not speak on something that not true if i didnt hear for my self. The reason why the turn over for rap music is not as big as other music because the people who control and own rap music( companies ) understand this young black kids will take that money and become as big as the label (Jay_Z Diddy , 50) they are all young compared to black people that have the amount of money and business. It not about If Jay-Z needs the money its the principal. The contract .

  • Avenger XL

    This is how business works in the real world people. Jay-z is doing what any TI would do in seconds without any comments for the crabs.

  • http://www.bboycult.com The $ykotic Don Mac

    “This is how business works in the real world people.”

    ^^^

  • DADE COUNTY 305

    Damn some of you cats on here are straight haters. Its call business and shit like this happens. Jay do what you gotta do to get you bread back! Shit Donald Trump LOST millions and he said it himself. Niggaz need to quit hating and respect Jay hustle.

  • http://www.xxlmag.com Cchild

    And this is coming from a guy who??? along that sexy wife of his made $120 as a couple? really now?

  • http://www.xxlmag.com Cchild

    $120 million (blame the bud)