Yeezy Faced $75M Frozen Asset Order From Adidas Last Year

Yeezy Faced M Frozen Asset Order From Adidas Last Year
Picture Credit score: Kyle Brinker

Adidas filed authorized motion to freeze $75 million in belongings held by Kanye West’s Yeezy model final 12 months.

Almost unsealed courtroom paperwork first found by Law360 revealed the discovering. Data present Adidas filed the case on November 11, only a few weeks after the corporate publicly introduced its cut up with the rapper over excessive antisemitic feedback. Adidas sought to freeze the funds to forestall the rapper from shifting them whereas the 2 events labored out their disagreement in personal arbitration. The choose within the case granted the order on an ex parte foundation—not giving Yeezy an opportunity to reply. 

“Petitioner has demonstrated that it has happy the grounds for an ex parte attachment as a result of the courtroom is happy that there’s threat that Yeezy will take away or dissipate belongings if discover of this request for attachment is given to Yeezy,” Choose Valerie E. Caproni writes within the November 11 order. Kanye West himself confirmed this on November 22, when he spoke to a star information outlet saying his 2024 presidential candidacy. 

“The explanation why I’m saying that I’m operating for president is I need the FCC to take a look at my cash,” the rapper informed the outlet final 12 months. “If they really see, I used to be taking a look at my cash, and there may need been a chance that Adidas wouldn’t have went into JP Morgan and froze my account and put a $75 million maintain on 4 completely different accounts.” 

“I went from being a multi-billionaire to not even with the ability to use my Apple Pay 4 nights in the past. I couldn’t use my Apple Pay as a result of someway Adidas was capable of legally go in and freeze my cash, and once I see this, I feel, effectively, if this might occur to me, this might occur to different Individuals, and for what? You realize this will occur to an American that didn’t even steal something, that didn’t even damage anybody. This might simply occur to you for saying the incorrect thought out loud.”

These claims went reported however unconfirmed, since courtroom data had been sealed. A ruling from Choose Caproni unsealed these data earlier this month, saying Yeezy’s dialogue of stated asset freeze in an interview means the paperwork not have to be sealed. 

Yeezy is at present combating Adidas on whether or not the asset freeze ought to stay in place going ahead. His attorneys argue that Adidas has not supplied sufficient proof that it wanted to be granted an asset freeze within the first place. In the meantime, Adidas attorneys argue that Yeezy will instantly spend the funds “misusing Adidas property and rendering an award in opposition to them ineffectual.”

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