Roc Nation is now in court and blasting its insurer for failing to make good on a $12.5 million “key man” insurance policy covering the death of Jordan Feldstein, the founder of Career Artist Management and manager of Maroon 5 who died in 2017 of cardiac arrest.
In 2016, Roc Nation acquired Feldstein’s CAM and sought to protect its investment by purchasing insurance policies on Feldstein’s life through HCCI International Company. According to a lawsuit filed in New York federal court, ever since Feldstein died in December 2017, the insurer has “unreasonably delayed, stalled and engaged in coverage gamesmanship,” ultimately denying a claim based on interpretations of a “shoddily drafted” policy containing “multiple ambiguities.”
Roc Nation, now co-owned by Jay Z and Live Nation, says it expected that its partnership with CAM would result in tens of millions of dollars, and that Feldstein’s death had a tremendously negative impact on the business he founded. As a result of the manager’s passing, Roc Nation lost Maroon 5 and estimates the ensuing losses total “more than three times” the $12.5 million policy limit when expected profits are factored.