×
You will be redirected back to your article in seconds

Roc Nation Seeks $11 Million From Insurer in Jordan Feldstein’s Death

Roc Nation filed a federal lawsuit Friday seeking $11 million from its insurance carrier following the death of Maroon 5 manager Jordan Feldstein.

Roc Nation, a joint venture of Jay-Z and Live Nation Entertainment, partnered with Feldstein’s Career Artist Management in 2016. At the time, Roc Nation says it took out a “key man” life insurance policy with HCC International Insurance to protect its investment in Feldstein. The policy carried a liability limit of $12.5 million, which would recoup the company for lost revenue due to Feldstein’s death.

Feldstein, 40, died on Dec. 22, 2017, due to a blood clot in his leg, according to the L.A. County Coroner’s Office.

Roc Nation says it filed a claim under the policy, but that HCCI then dragged its feet for months, asking for extensive information to evaluate the claim. Ultimately, the insurer issued a determination that it would pay only $1.2 million, the suit alleges.

The suit argues that the insurer low-balled Roc Nation’s lost revenue, asserting that the forgone income from Maroon 5 alone would exceed the liability cap.

“Plaintiff invested in CAM with the idea of recouping its investment and making a profit for years to come based on Mr. Feldstein’s skills and attributes,” the suit alleges. “With Mr. Feldstein alive, Plaintiff could and most likely would have made many tens of millions of dollars in profits over the life of the partnership.”

The suit accuses HCCI of engaging in creative interpretation of ambiguous contract language, such that future revenues that could be attributed to CAM are deducted from its net loss.

“HCCI’s interpretation of the limitation clause in the definition of ‘Direct Ascertained Net Loss’ invokes an outrageously unrealistic view of what can be accomplished by a dead person because HCCI is claiming that all CAM revenue forever is ‘generated as a result of’ Mr. Feldstein and that simply is not reality in the artist management business,” the suit alleges. “Talent needs constant attention and HCCI’s position in this case diminishes the value of many hardworking people who work to keep an artist’s career moving forward on a daily basis.”

Roc Nation alleges breach of contract and breach of the covenant of good faith and fair dealing, and is seeking the balance of the $12.5 million policy limit.

Roc Nation Feldstein by on Scribd

More Music

  • Kanye West Surprises at Kid Cudi

    Kanye West Joins Kid Cudi for Surprise Coachella Set

    After a lackluster weekend one performance, Kid Cudi brought out the big guns — or gun, singular — for his weekend two set. Everyone’s problematic fave Kanye West made a “surprise” appearance at the very start of Cudi’s closing Sahara tent set, riling up the crowd with an opening performance of “Father Stretch My Hands, [...]

  • Brandi Carlile61st Annual Grammy Awards, Show,

    Brandi Carlile Takes Dave Grohl Busking in Seattle (Watch)

    Not all the surprise collaborations happened at Coachella this weekend. Seattle’s foremost male and female musical exports, Brandi Carlile and Dave Grohl, teamed up for a mini-set Saturday afternoon in their hometown, setting up shop as buskers in front of the popular shopping site Pike Place Market. Unlike most of weekend 2 of Coachella, this [...]

  • FX's 'Snowfall' Panel TCA Winter Press

    John Singleton Hospitalized After Suffering Stroke

    UPDATED with statements from John Singleton’s family and FX Networks John Singleton, the Oscar nominated director and writer of “Boyz N’ the Hood,” has suffered a stroke. Sources confirm to Variety that Singleton checked himself into the hospital earlier this week after experiencing pain in his leg. The stroke has been characterized by doctors as [...]

  • Childish Gambino Concert Review

    Chance the Rapper Appears at Childish Gambino's Weekend Two Coachella Set

    Though Childish Gambino’s weekend two Coachella set didn’t vary too much from his electrifying first one, it did feature a new but familiar face. When Gambino popped backstage during a band feature, accompanied by the cameramen that made his set in part like watching a concert film on a massive screen, Grammy winning musician Chance [...]

  • Marketing Guru Sour Matt Brings Cannabis,

    A 4/20 Special: Sour Matt on Bringing Cannabis, Hip-Hop and Branding Together

    Sour Matt might be one of the most mysterious yet well-respected figures in the cannabis industry, as well as a growing force in the music business with which it intersects. With more than 100,000 followers on Instagram alone, he describes himself as “someone who likes to connect the dots, working with other creatives to build [...]

  • Jim Jarmusch in 'Carmine Street Guitars'

    Film Review: 'Carmine Street Guitars'

    “Carmine Street Guitars” is a one-of-a-kind documentary that exudes a gentle, homespun magic. It’s a no-fuss, 80-minute-long portrait of Rick Kelly, who builds and sells custom guitars out of a modest storefront on Carmine Street in New York’s Greenwich Village, and the film touches on obsessions that have been popping up, like fragrant weeds, in [...]

  • Will SmithNickelodeon Kids' Choice Awards, Show,

    Will Smith Joins Jaden to Perform 'Icon' at Coachella

    Parents just do understand the importance of Coachella. Jaden Smith was joined in the Sahara tent Friday night by father Will for a performance of “Icon” — as Instagrammed by the proud papa. The footage of Will Smith rapping was shot by Jaden, who turns his smartphone camera around just long enough to photobomb his [...]

More From Our Brands

Access exclusive content