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 Feldsteinâ€™s Career Artist Management in 2016. At the time, Roc Nation says it took out a â€śkey manâ€ť 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 Feldsteinâ€™s death.
Feldstein, 40, died on Dec. 22, 2017, due to a blood clot in his leg, according to the L.A. County Coronerâ€™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 Nationâ€™s lost revenue, asserting that the forgone income from Maroon 5 alone would exceed the liability cap.
â€śPlaintiff invested in CAM with the idea of recouping its investment and making a profit for years to come based on Mr. Feldsteinâ€™s skills and attributes,â€ť the suit alleges. â€śWith 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.â€ť