JAY-Z has settled his legal issue with Bacardi after selling his majority ownership in the D'USSÉ Cognac company for $750 million. Bloomberg says that after months of arbitration and court cases, the multibillion-dollar lawsuit over his cognac business has been settled.
The settlement called for an affiliate to buy out JAY-Z's 50 percent stake in the cognac company. This would leave Bacardi with 75.01 percent of the rest of the business. The rapper will keep "a major ownership position" in SC Liquor LLC. “I am excited to renew our cooperation with Bacardi,” JAY-Z stated. He called the venture “a blessing.” He sued Bacardi for lowballing him by giving $500 million USD instead of $1.5 billion USD.