Jay Z might be adding a an item to his list of 99 problems as he's been slapped with a $600 million lawsuit.
According to RadarOnlines.com, the rapper turned business mogul -- along with other Nets shareholders -- are being sued by a disgruntled entrepreneur who claims he trademarked the name “Brooklyn Nets” long before the NBA team left their original home in New Jersey.
The plaintiff, Dr. Francois de Cassagnol, claims that the NBA, Jay Z, and developerBruce Ratner, ”fraudulently conspired” to use “loopholes” in the U.S. Patent Office in order to use the name he says he registered more than 10 years ago. De Cassagnol is seeking a jury trial and at least $600 million in damages.
Court documents show that de Cassagnol filed paperwork for the trademark, but way after it was announced that the team was moving to Brooklyn and that it was initially filed in Louisiana, but none of the uses described in his application were significant enough to overrule the NBA's federal trademark application.
Jay Z sold his shares of the team to Jason Kidd late last year after opening his own sports agency firm, but still owns a percentage of the Nets’ home, Barclays Center.
TeeRoy's 2 Cents:
- This is a NBA problem - not a JAY-Z problem.
- Jay Z is not broke, but whoever made this lawsuit really wants him to be.