Friday, 19 April 2019
BREAKING NEWS

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

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.”

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Roc Nation Feldstein by on Scribd

Source: https://variety.com/2019/biz/news/roc-nation-jordan-feldstein-insurance-suit-1203112528/

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