Page 45 - Poze magazine 58

JAY-Z VS. CORAL SPRINGS

POLICE OFFICER'S PENSION PLAN

Jay-Z and Jack Dorsey, the former CEO of In May 2023, a Delaware judge
Twitter, were sued by the City of Coral Springs dismissed the lawsuit, ruling that
Police Officers' Pension Plan in 2021. The the pension plan did not have
pension plan alleged that the $237 million standing to sue. The judge also
acquisition of Jay-Z's music streaming service, found that the pension plan had
Tidal, by Block Inc., formerly known as Square failed to state a claim for relief.
Inc., was a "terrible" business decision that had The judge's ruling was a victory for
wiped out billions of dollars of market Jay-Z and Dorsey. It is a reminder
capitalization and triggered a seven percent that even wealthy and powerful
plunge in Square's stock price. individuals can be sued, and that
they are not immune from the law.
The pension plan also alleged that Dorsey had
a conflict of interest in the deal because he In 2023, a judge dismissed the
was a close friend of Jay-Z and had vacationed lawsuit, ruling that the police
with him in Hawaii after the acquisition. officers did not have standing to
sue. The judge also found that the
police officers had failed to state a
claim for relief.
Jay-Z's legal victories are a
reminder that he is a savvy
businessman who is not afraid to
fight for what he believes in. He is a
successful artist and entrepreneur
who has built a multi-billion dollar
empire. His legal victories have
helped him to secure his financial
future and to protect his brand.