August 26, 2024
A federal judge ruled that he is forbidden from streaming or disseminating copies.
The Wu-Tang Clan’s album, “Once Upon A Time in Shaolin,” currently owned by PleasrDAO, was once owned by convicted pharmaceutical executive Martin Shkreli. PleasrDAO has successfully sued Shkreli after accusing him of keeping unauthorized copies of the album and distributing it without the company’s permission.
According to ArtNet, in a case before Judge Pamela Chen in the U.S. District Court for the Eastern District of New York, she ruled that Shkreli must turn over all copies of the rare album in his possession. He is also forbidden from streaming or disseminating copies of “Once Upon A Time in Shaolin.”
“Today’s ruling by the court is an important victory for our client PleasrDAO, who owns the exclusive rights to the one-of-a-kind-Wu-Tang Clan album,” Steven Cooper, an attorney for PleasrDAO, said in a written statement.
Judge Chen has ordered Shrekli to hand over all copies of the album to his attorney within one week. He must also provide an affidavit confirming that he has handed it over to his lawyer. Within 30 days, Shkreli should also provide a list of all copies of the album, to whom he gave copies, and how much money he made from the album.
In 2015, Shkreli bought the Wu-Tang Clan album at an auction for $2 million. In 2017, he was arrested and convicted of securities fraud. The government seized the album and other property he owned. In 2021, PleasrDAO allegedly bought the album from the government for $4 million.
The company sued Shkreli in June, alleging that he had streamed the music during a “Wu-Tang Official Listening Party” after his release from prison in May 2022. He told his followers that he made copies of the album, which were “hidden in safes all around the world.”
Forbes reported in June that hip-hop fans can purchase an NFT of the Wu-Tang Clan album for $1. Fans can access the album for $1 and hear a five-minute sampler. PleasrDAO stated that cryptocurrency is not required to purchase the NFT.
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