Jay Z Reportedly Set to File "Giant Lawsuit" Against Former Tidal Owners
Published Mar 31, 2016After being hit with a class action lawsuit late last month over unpaid royalties and copyright infringement, Jay Z and Tidal are serving up some legal action of their own against the former owners of the streaming service.
Business Insider reports that the rapper's "giant lawsuit" takes aim at former major shareholders in Tidal/WiMP parent company Aspiro, accusing it of exaggerating subscription numbers when his private investment firm Project Panther Bidco bought the Norwegian company for $57 million US. Swedish news outlet BreakIt reports that the lawsuit is expected to fetch 100 million Norwegian krone, equal to as much as $15 million US.
According to the report, Jay Z claims that the number of worldwide subscribers he was given in January of last year, amounting to 503,000 users, was misleading. Former Aspiro shareholder Anders Rikter told BreakIt that the company remains "unsympathetic" to the rappers claims.
"We want to point out that it was a publicly traded company that was acquired, [which means] transparency of financial reporting [was required]," he told the Swedish publication in a translated message. "Otherwise we have no comments."
Tidal recently celebrated some impressive streaming numbers for Kanye West's The Life of Pablo, though the record will no longer be exclusive to the service.