In 2007, Jay-Z took a $52 million loan from Highland to buy a Manhattan hotel, to be called the 'J Hotel.' The notes matured in August and defaulted, and now Jay-Z is losing about $20,000 in daily interest. And now he's pissed off. According to a complaint filed yesterday, Jay-Z is accusing Highland Capital of trying "to bleed additional funds" from him. Mr. Z is seeking $3.7 million in damages.
Highland and NexBank acted in bad faith when they declined to clear Carter and his fellow guarantors of their obligations after receiving a deed in lieu of foreclosure on the property, according to the complaint.