The United States
Supreme Court has decided against hearing a petition filed by TVT Records to
overturn a legal decision, which voided a $132 million jury verdict to TVT from
Island Def Jam Music Group (IDJMG).
According to reports, the decision comes after a June 2005 ruling by the 2nd
U.S. Circuit Court of Appeals, which found that TVT’s claims of unsavory
business tactics, including the charge of fraud, were without merit.
The lawsuit stems from allegations made by TVT, which accused IDJMG and Lyor
Cohen of unsavory business tactics and fraud, over an unreleased album by Ja
Rule’s group Cash Money Click.
According to court records, TVT claimed that IDJMG and Cohen sabotaged the Cash
Money Click album by blocking the release as not to interfere with Ja Rule’s
Def Jam release, which was scheduled to be in stores around the same time.
In March of 2003, a jury awarded TVT $132 million in punitive and compensatory
damages against IDJMG, finding Cohen personally responsible for $56 million
in damages.
That award was overturned in 2003 and Cohen’s punitive damages were cut from
$56 million dollars to $3 million, while IDJMG was ordered to pay $50 million
dollars.
TVT was eventually
awarded $126,720 for a breach of contract claim, which IDJMG and Cohen did not
appeal.
Cohen has since
left IDJMG and is now Chairman and CEO of Warner Music Group, responsible for
all aspects of WMG’s U.S. recorded-music operations.