Jay-Z And Red Sox's David Ortiz Settle 40/40 Club Lawsuit

One of Jay-Z's lawyers tells the NY Daily News the lawsuit between Jay-Z and David Ortiz over the 40/40 Club name has been settled in principle.

The battle between Jay-Z and Boston Red Sox slugger, David Ortiz, has been settled. One of Jay-Z’s lawyers, Peter Raymond, told the New York Daily News the only thing missing is the official paperwork.

“The case has been settled in principle,” Raymond told the Daily News. “We have agreed on the outlines of a settlement and need to reduce it to writing.”

After Jay slapped Ortiz with a $5 million trademark infringement suit, Ortiz’s camp claimed the suit was extremely excessive. Jay-Z owns several franchised 40/40 Club locations, and Ortiz opened a “Forty-Forty” club in his native Dominican Republic, which spawned the 2010 suit. The most recent ruling called for Ortiz to rename his club.

Federal District Judge Richard Berman was set to rule in the case Tuesday, March 29, 2011. He’d previously urged both parties to settle, and once they agree in writing the case could be dismissed in as little as 30 days.

“Seems like a sensible outcome,” Berman added