Kanye West Reaps a Positive As Court Stops Adidas from Freezing $75,000,000 Worth of Yeezy Apparels Over Lack of Evidence
The court is standing by Kanye West in his fight with Adidas. While the rapper has multiple cases filed against him, this one is heading in a positive direction for him at last. A partnership that ran successfully for nearly ten years is now on a battlefield over enormous amounts of money. The aftermath of this is both suffering from a loss of millions of dollars.
Ye had accused the company of freezing his accounts after their very public split. But Adidas froze the funds, claiming that Ye could misuse them now that he may be going through financial troubles. The rapper’s team eventually succeeded in getting the ban lifted, but the German company continues to make an attempt to revert it.
Court refuses Adidas’ plea to re-freeze $75 million that Kanye West has put a claim on
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Adidas has failed to re-freeze the $75 million claiming that Ye could misuse the money. The case which is with US District Judge Valerie Caproni in Manhattan, got refusal when the company confessed to wanting to have the funds temporarily restrained in fears that they could get used up. According to ThePeninsulaQatar. Adidas blamed Ye’s insolvency for it as well as his violation of the contract. However, the court came to the conclusion that the company has not given sufficient evidence to back its argument yet.
Ye has been very vocal about the incident since the beginning. He even stood for election, claiming it would force the Government to look into the frozen account. Now the court holds that Adidas’ claims of West’s bankruptcy are backed by media speculation. Also, there is a lack of evidence to show how de-freezing could cause irreparable damage to the company.
Both Ye and Adidas earn millions through their Yeezy collaboration, but the end to that fortune was as public as their collection.
How did Ye and Adidas end up in this situation?
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As per Kanye West’s lawyers, the collaboration contract mentioned Ye receiving $100 million a year from Adidas. Now whether the $75 million comes from that payment or not, we do not know. The company, however, claims that they have reserved it for marketing purposes.
Adidas argues that Ye violated the rules by speaking out anti-Semitic remarks that cost both him and the company big time. After turning a blind eye to his controversies, they finally called it quits. Today, it is not only spending on court proceedings, but also on getting rid of more than $1 billion worth of unsold Yeezy products.
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What do you think about the court’s order against Adidas’ plea? Share your opinions in the comments.
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