Jay-Z, Block Board Defeat Class-Action Lawsuit Over $300M Tidal Deal

Armon Sadler
·2 min read
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Jay-Z indirectly fought the law and Jay-Z indirectly won. The 53-year-old successfully evaded a lawsuit brought against him and senior leaders of Block (formerly known as Square) over the company’s estimated $300M acquisition of Tidal.

Reuters reports a judge has thrown out the class-action suit against Jack Dorsey and other Block, Inc. board members from the plaintiff, The City of Coral Springs Police Officers’ Pension Plan. The pension fund, which holds a share of Block, Inc., declared that their March 2021 purchase of Tidal was “a terrible business decision.”

According to the complaint, the officers listed Tidal’s financial woes, including how Hov lent the streaming platform $50 million, its loss of major contracts, and association with a Norwegian criminal probe involved with its streaming numbers.

Although Jay-Z was not officially listed as a defendant in this case, he was referenced repeatedly in the lawsuit due to his heavy involvement in Tidal and its sale to Block, Inc. The 4:44 artist sold his 87.5 percent majority stake to Dorsey’s company for $306 million, though it was later reduced to $237.3 million for an 86.2 percent stake. The dismissed lawsuit stated that the GRAMMY winner received over $63 million from the deal.

The Brooklyn rapper has had a year full of legal action. Earlier this week, his alleged son Rymir Satterthwaite revealed that he plans to take their paternity battle to the Supreme Court. “This is not going to be over until justice is served,” Rymir told The Daily Mail. “I just want to live my life and, when it is all said and done, I hope that JAY-Z would want to be a part of my life, if that is God’s will […] I won’t stop fighting for this until I win. And I will win because the law is on our side.”

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