May 10, 2023
Judge Throws Out Cops’ Lawsuit Against Jay-Z’s Tidal Sale
[ad_1] A judge has reportedly dismissed a shareholder class-action lawsuit against former Twitter owner Jack Dorsey and his company Block over the acquisition of Tidal from Jay-Z.On Tuesday (May 9), Chancellor Kathaleen McCormick threw out the case in Delaware Chancery Court, according to Reuters. The lawsuit, brought forth by the City of Coral Springs Police Officers' Pension Plan, charged that Block, formerly known as Square, should be held responsible for the bad deal. In March of 2021, Block agreed to pay $306 million to Jay-Z for an 87.5% stake in Tidal. Following adjustments, it paid $237.3 million for an 86.2% stake.The lawsuit accuses Block and its board of making a deal knowing Tidal was hemorrhaging money,...