Kanye West vs Adidas: $75,000,000 of Frozen Assets Become the Crux of Court Battle
In 2021, when Kim Kardashian filed for divorce from Kanye West, it was rightfully regarded as one of the most high-profile and expensive divorce battles. This was before the world saw the cannon of controversies that the rapper would be blasting. And the victim of these blasts, more than anyone, will be the multi-million dollar Yeezy deals that once upon a time made him a billionaire. Found among the most affected victims was Adidas, with $1.3 billion unsold shoes still resting but not in peace.
Following ‘The College Dropout’ rapper’s antisemitic statements, Adidas decided to dissolve any relations with Kanye West and Yeezy. The German shoe company played smart by knocking on the court’s door first as the rapper grappled with the backlash. However, a new court ruling brings both Adidas and Kanye West to block one as they fight for $75,000,000.
Kanye West wins another silent battle
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On the 11th of November, Adidas moved the court to freeze $75M in Yeezy bank accounts while the rapper and the company tried to sort out their business divorce as revealed by court records that were earlier sealed. Judge Valerie E. Caproni, while freezing the money, justified an “ex parte attachment,” as per Law360. The ruling was made without Ye and his team’s knowledge. And it could be regarded as a smart business move on Adidas’ part if this freezing was not revoked on the 26th of May.
When Ye revealed in November last year that Adidas had “put a $75 million hold,” it could not be proven because the litigation was sealed. Since then, however, the litigation has been resolved as Adidas “failed to confirm the order.” The federal judge further believed that Ye and his team were “deprived” of making their case.
This marks the second of West’s silent wins as he saved $7 million in another lawsuit earlier this month. But does the $75 Million in Yeezy accounts unprotected by litigation really mean a win for Kanye West and Co.?
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Has Adidas lost to Yeezy?
The battle between Adidas and Yeezy brought both parties unprecedented monetary success is much more than $75 Million. Adidas, by freezing the assets in Yeezy accounts, was only trying its best to not hit the tip of the iceberg. And Kanye West, by lifting the litigation, also did the same.
The case that forms the crux and could result in a cost of billion for either one of the parties is the arbitration case. If the shoe company manages to win the arbitration case, it can still take home to a certain degree the $75 Million that it froze. And until the case reaches a conclusion, Adidas can file to freeze once again. But not without a rebuttal from Ye’s team.
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Do you think Kanye West will win the lawsuit? Let us know in the comments below.
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