PleasrDAO Files Lawsuit Against Martin Shkreli for Alleged Misuse of Unique Wu-Tang Album
Summary:
PleasrDAO, a decentralized autonomous organization, has filed a lawsuit against Martin Shkreli for allegedly livestreaming a supposedly unique Wu-Tang Clan album that the organization had procured in 2021. The organization accuses Shkreli of retaining copies of the album and releasing them, causing significant economic and irreparable harm. Shkreli refutes these claims, and insists that PleasrDAO members did not support the lawsuit filing. The album, "Once Upon a Time in Shaolin," was initially owned by Shkreli, who had to surrender it following his conviction and sentencing for securities fraud.
PleasrDAO, a well-known decentralized autonomous organization that amasses physical and digital artwork, allocates shares among its members, and funds charitable activities, has initiated legal proceedings against Martin Shkreli, often referred to as 'pharma bro'. This reaction comes after Shkreli reportedly live streamed an X spaces event on June 9, where he broadcasted a supposedly unique Wu-Tang Clan album that PleasrDAO had secured in 2021, to virtual meeting room attendees.
In their lawsuit, PleasrDAO alleges Shkreli of inflicting significant damage to Pleasr, asserting "noteworthy economic and irreparable damage" in their official claim. They express that the album was meant to be the only actual copy of the music, record, data, files and packaging. However, they accuse Shkreli of wrongly keeping copies of these data and files and planning to distribute them to the public. They argue such actions could result in substantial financial hardship and irreparable damage to PleasrDAO, triggering an array of claims for relief according to common law and the forfeiture order.
Contrary to this, Shkreli refutes the lawsuit, stating PleasrDAO members disapprove of the litigation filing and did not get a chance to vote on the matter. In 2021, PleasrDAO purchased the Wu-Tang album, Once Upon a Time in Shaolin, at an asset forfeiture auction for about $4.75 million, completed in two separate payments. Wu-Tang apparently created the album to push back against the growing digitalization and commercialization of music. The group aspires to reposition music back within the territory of high art, contrasted with its current standing as a mass-produced commodity.
Previously, Shkreli was the owner of the album, for which he paid $2 million, considering it one of his most treasured possessions. In an interview with Vice in 2016, Shkreli even showcased a part of the golden-encased two-disc album, contemplating what he might do with the exclusive recording in the future. However, following his conviction and sentencing for securities fraud in 2018, Shkreli was compelled to relinquish the expensive album to the authorities.
Published At
6/11/2024 11:21:13 PM
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