Update 06/22/2021 12:07pm:
According to documents obtained by AllHipHop, Jay-Z was granted a temporary restraining order that blocks Damon Dash from attempting to release Jay-Z's debut album Reasonable Doubt as an NFT.
Jay-Z’s lawyer Alex Spiro showed up for a court hearing on Tuesday (June 22), and he argued that Dash is trying to take sole ownership of the album by selling it as an NFT. Roc-A-Fella Records owns the copyright to the album, and Dash owns 1/3 of the label. According to Alex Spiro, Damon Dash was hoping to earn $30 million by selling Reasonable Doubt as an NFT through an auction with SuperFarm.
Spiro stated, "They [Damon Dash and SuperFarm] inadvertently admitted to everything that we’re alleging. They refer multiple times in the press release that they are trying to sell, copyright. They admit that they want the seller to profit from the future revenue, and for the buyer to profit from revenue which they have no right to do…they say over and over again that this is a new milestone in the history of NFTs."
Judge John P. Cronan agreed that Jay-Z and Roc-A-Fella Records would suffer irreparable harm if Reasonable Doubt was sold as an NFT and granted the temporary restraining order against Damon and SuperFarm.
Judge Cronan stated, "The plaintiff Roc-A-Fella Records has shown a likelihood of success on the merits, according to the declaration of Mr. Carter submitted by the plaintiff, Roc-A-Fella Records. Roc-A-Fella Records owns the copyright in Mr. Carter’s album Reasonable Doubt and Mr. Dash, the defendant does not. This is supported not only by the recorded declaration, but also by the contract between Mr. Carter, and Roc-A-Fella Records."
He added, "The allegations suggest that Mr. Dash is attempting to sell something that he does not own. This was certainly caused hardship to [the] Plaintiff the alleged rightful owner of the copyright. And also, if Mr. Dash, did this, it could cause confusion in the marketplace, regarding the owner of the album Reasonable Doubt, and as Mr. Spiro noted, this seems like a particularly relevant concern here, given the importance of protecting the public in this burgeoning new marketplace."
Source: AllHipHop
Original 06/20/2021 2:00pm:
Update 06/20/2021 1:44pm:
According to reports, Damon Dash was sued by Roc-A-Fella Records after they claimed that Dash tried to sell Jay-Z’s debut album ‘Reasonable Doubt” as an NFT. An auction for the token form of the album was supposed to take place but was promptly canceled. Now, Dash has responded to the reports after being hit with the lawsuit.
Damon Dash claims that the lawsuit is wrong, noting he’s not trying to sell the album but is actually looking to sell his entire stake in Roc-A-Fella Records. Dash claims that Jay-Z tried to buy his share of the label for a price that was too low, so now he is looking for someone else to buy.
Dash went on to claim that in March 2021, Jay-Z made an offer at “a price I deemed unacceptable,” so his focus is now on other buyers. Dash also said that if he can get into an agreement with a buyer, “Under the terms of the deal with a potential buyer, the buyer would buy my share of Roc a Fella Records, and Jay-Z will have exclusive administration rights." Dash noted the lawsuit against him is only a “scare tactic” to stop him from selling something he feels he has the legal right to. Stay tuned for more updates.
source: TMZ
Original 06/19/2021 1:06am:
According to TMZ, Dame Dash is being sued by Roc-A-Fella after the record company claimed Dash is trying to sell Jay-Z's debut album, Reasonable Doubt, as a non-fungible token (NFT).
Documents filed by attorney Alex Spiro claim Dame was slated to sell the album as an NFT at a since-canceled auction but the company fears he will sell it on another platform. The suit claims Dame is "frantically scouting for another venue to make the sale" in an attempt to capitalize on the current NFT craze.
Roc-A-Fella is looking for the court to stop Dame from auctioning off the album and to turn over any NFTs he may have already minted of Reasonable Doubt.
Source: tmz.com
