Judge Overturns adidas Court Ruling On Freezing $75 Million USD Held By The YEEZY Brand
It looks as if Ye might have been right about a freeze on his bank accounts. Newly-unsealed court records have confirmed that adidas (XETRA:ADS.DE +0.96%) previously filed a court order to freeze $75 million USD held by the YEEZY brand.
However, last Friday, Judge Valerie E. Caproni who lifted the previous court order that allowed the freezing of the three-quarters of a $100 million USD in the bank accounts of the YEEZY brand. According to Billboard, the judge claimed that adidas did not “confirm” against YEEZY in court, which is required by law in the state of New York. The judge said that adidas did not give YEEZY a fair chance to challenge the freeze. The overturned decision relates to an adidas vs. YEEZY case that was filed against Ye’s brand back in November. Adidas reportedly filed for the motion to freeze $75 million USD of assets because the company wanted to make sure the money remains safe and untouched in its high-profile separation.
The judge has since granted adidas’ “attachment” order on an ex parte basis. This meant that the asset freeze was granted without giving YEEZY a chance to rebuttal with the claim that there was “a risk that YEEZY will remove or dissipate assets.” However, the judge has now overturned the order and has filed to make the records public. The judge has claimed that “adidas’ failure to file a motion to confirm nullifies the attachment order,” leading to the the assets to be unfrozen.
Stay tuned for more as this story unfolds.
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