Legal Battle Between Kanye West and Adidas: $75M Yeezy Funds Frozen in Secret Court Order3 min read
Adidas and Kanye West have been into a legal battle and the latter’s bank account has got $75 million frozen into it by the former. Ever since the antisemitic rhetoric of rapper Ye. Addidas has broken ties with the rapper. Resulting now in getting an order to freeze millions in his bank account. But why is Adidas freezing the amount?
Read ahead to know more about Adidas freezes $75 million in bank account of Kanye West.
Legal Battle between Adidas and Kanye West
Kanye West’s Yeezy had its partnership previously with Nike. However, later it went with Adidas in 2013. While the collab was a successful one. The termination of the partnership with Adidas of Kanye West came in the wake of the latter’s antisemitic remarks that landed him in controversy.
Now that Adidas has signed a new deal with Ye (aka. Kanye West). How do people feel about wearing Adidas Yeezy Shoes ?
Is it okay now or now ? pic.twitter.com/YhhGPtWgpN— lil leeon (@lilleeon) May 17, 2023Advertisement
In 2022, the partnership of Adidas with Kanye West began to collapse. While West had called out Adidas a few times over some of its products. The termination of their contract came only after the antisemitic post of Kanye in 2022.
As per the unsealed court documents by Law360, a case was filed by Adidas against Kanye on November 11th in connection to their termination of the deal to freeze millions in Ye’s account.
Adidas gets court order to freeze $75 million in Kanye West’s bank account
Post the legal battle between Kanye West and Adidas. Latter wanted to freeze $75 million in the bank account of the rapper. The court has secretly granted the same to the shoe brand.
As Judge Valerie E. Caproni in the 11th November order writes “Petitioner has demonstrated that it has satisfied the grounds for an ex parte attachment because the court is satisfied that there is risk that Yeezy will remove or dissipate assets if notice of this request for attachment is given to Yeezy”.
Not to miss, it was Judge Caproni only who unsealed the documents stating the reason behind its unsealing. The Judge said it is no longer to be kept sealed as Kanye has discussed the ruling openly.
Kanye West’s reaction to the whole Adidas conflict
Amid the conflict between Adidas and Kanye West especially over freezing millions in the latter’s bank account. The ruling was kept away from the public yet Kanye confirmed it in an interview. In the interview, Kanye said, “The reason why I’m that I’m running for president is i want the FCC to look at my money”.
He further added, “If they actually see, i was looking at my money, and there might have been a possibility that Adidas wouldn’t have went into JP Morgan and froze my account and put a $75 million hold on four different accounts”.The now unsealed court documents have confirmed the ruling as well.