Martin Shkreli Takes Steps to Dismiss PleasrDAO's Wu-Tang Clan Album Ownership Claims

American investor and former pharmaceutical executive Martin Shkreli has asked a federal court in Brooklyn to dismiss claims against him by nft collective PleasrDAO over ownership of a rare recording by legendary hip-hop group Wu-Tang Clan.

The move is the latest episode in a saga that began in June 2024, when PleasrDAO sued Shkreli, alleging that he illegally made and stored copies of a one-off album called Once Upon a Time in Shaolin.

The Wu-Tang factor

January 6, Shkreli presentation he wants the nft group's complaints against him dismissed because they are “preempted by the Copyright Act.” If the case proceeds, then the ex-con wants two members of the Wu-Tang Clan, Robert Diggs, also known as The RZA, and Tarik Azzougarh, who goes by Cilvaringz, to be included in the process because they co-own the album.

Shkreli initially purchased the secret project in 2015 for $2 million at a private auction. Only one copy was made under a contract whose terms prevented public release of the album until 2103.

However, authorities seized the recording in 2018 following the pharmaceutical executive's arrest on accusations of misleading investors and participating in a stock fraud scheme involving his company, Retrophin Inc. Upon conviction, he was sentenced to seven years. prison and was ordered to pay a fine. Fine of $75,000 and forfeiture of $7.3 million.

The album was put up for sale to help pay off debt to the government, and PleasrDAO purchased it for $4.75 million in July 2021, after which it announced it would turn the recording into an nft. However, in 2022, Shkreli was caught on video playing the supposedly exclusive music on his YouTube channel, saying that he had made several copies and hidden them in safes around the world.

The businessman then began mocking the rightful owners of the album, PleasrDAO, and allegedly told them that he played the music on his Discord all the time. He also hosted listening parties for the recording on his x account, reportedly reaching nearly 5,000 people.

Fight for music ownership

On June 10, 2024, PleasrDAO sued Shkreli, alleging that his actions had caused the collective significant monetary damage, diminishing the marketability and value of the album. While the investor claims that his initial purchase agreement allowed him to retain 50% of the copyright even if he sold the actual physical album, PleasrDAO insisted that his purchase included an agreement in which he gave up all of his rights, title and interests.

In August, a New York judge ordered the former pharmaceutical company executive to hand over all copies he had made of the 31-track album and sign an affidavit stating that he no longer had any in his possession.

Still dissatisfied, the nft group wrote a letter to the judge expressing concern that the businessman had not delivered all copies of the album and asking him to do a more in-depth search. Shkreli's lawyers say he made an effort to comply with a list of additional searches requested by PleasrDAO, but acknowledged that he may not have performed some of them.

The ex-convict recently made headlines after claiming to be the co-creator of a Donald Trump-themed meme coin, DJT, whose authenticity had been questioned amid allegations of insider trading.

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