Damon Dash has blasted Roc-A-Fella Records’ lawsuit against Jay -Z, alleging that he has never minted an NFT and was merely trying to sell his part in the company.
A New York court has ruled a temporary restraining order to prevent Damon Dash, co-founder of Roc-A-Fella Records Inc (RAF), from selling a tokenized version of Jay-first Z’s album “Reasonable Doubt” and its copyright.
Dash, on the other hand, maintains he was merely trying to sell his RAF stock.
RAF was created in 1996 by Jay-Z, Damon Dash, and Kareem Burke. The record label has shared ownership among the three parties, with the firm controlling the whole copyright to the album in dispute.
Dash was allegedly attempting to sell off a tokenized version of the album and its copyright on SuperFarm, an NFT platform co-founded by crypto YouTuber ElioTrades, on June 23, according to RAF. Ignoring the fact that the auction was canceled, the complaint claims Dash is “frantically” attempting to set up another.
Judge John P. Cronan of the New York District Court resolved to freeze the transaction and prevent Dash from selling the album’s copyright until after a July 1 hearing.
According to a case filed on June 18, Dash is charged of violation of fiduciary duty, unjust enrichment, conversion, and replevin. It reads:
“The bottom line is simple: Dash can’t sell what he doesn’t own. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties.”
The lawsuit quotes an official statement from SuperFarm on June 23 prior to the auction, in which the NFT platform said it is “proud to announce, in collaborative efforts with Damon Dash, the auction of Damon’s ownership of the copyright to Jay-first Z’s album Reasonable Doubt,” with RAF claiming that the NFT has already been minted on the blockchain.
The plaintiff is seeking nominal damages, punitive penalties, litigation costs and attorney fees, as well as an injunction against Dash from selling any interest in the record.
Dash criticized the complaint in an interview with Rolling Stone on June 22, alleging that he never minted the record as an NFT and was merely trying to sell his part in the company:
“There hasn’t been an announcement. There wasn’t an announcement at all. Don’t you think that if I made an announcement that I’m selling Reasonable Doubt you would’ve heard about it?”
“What they’re accusing me of is minting an entire album,” says the narrator. So, if it’s already been coined and is on the blockchain, it’s already there. He went on to say, “It never happened, and they know it never happened.”
“What they’re accusing me of is minting a whole album,” said Dash. So, if it’s already been minted, it’s already on the blockchain. He went on to say, “It never happened, and they know it never happened.”