Roc-A-Fella Records Inc., which used to be JayZ’s label, has settled a lawsuit that said label co-founder Damon Dash planned to sell his share of JayZ’s landmark debut album in the form of a non-fungible token. The lawsuit was filed Monday in Manhattan federal court.

Last year, U.S. District Judge John Cronan decided that Roc-A-Fella was likely to win in court, so he put a stop to the sale. The label wanted Dash to say that he didn’t own any rights to the 1996 album “Reasonable Doubt” and they said that selling the album would go against his duty as a co-owner.

The case was one of the first ones involving NFTs and copyrights.

The lawyers for both sides refused to say anything about the deal. The case is thrown out by the agreement, but the claims can still be made again in the future.

Dash, Jay-Z, and Kareem Burke all had equal shares in Roc-A-Fella when it was started in 1995. Monday, Roc-A-Fella and Dash agreed that “Reasonable Doubt” belongs to the label and that no shareholder has any rights to it.

Dash told the court last year that he had not made an NFT or tried to sell the rights to the album. He said that the lawsuit was part of a plan to keep him from selling his share of Roc-A-Fella so that Jay-Z could buy it for “an amount far below its potential market value.”

The settlement makes it clear that Roc-A-Fella shareholders can sell their shares of the label, according to a court filing from Monday.

You may also like

Leave a reply

Your email address will not be published.