Ex Hedgie Martin Shkreli Dropped from Wu-Tang Clan Lawsuit

//Ex Hedgie Martin Shkreli Dropped from Wu-Tang Clan Lawsuit

Ex Hedgie Martin Shkreli Dropped from Wu-Tang Clan Lawsuit

Scandalous former hedge fund manager  Martin Shkreli dropped from  Wu-Tang Clan album art lawsuit.

Martin Shkreli leaves the courthouse after his arraignment in New York, Thursday, Dec. 17, 2015. Shkreli, the former hedge fund manager vilified in nearly every corner of America for buying a pharmaceutical company and jacking up the price of a life-saving drug more than fiftyfold, was arrested Thursday on securities fraud charges unrelated to the furor. (AP Photo/Seth Wenig)

Ex hedge fund manager “Pharma bro” Martin Shkreli has been dropped from a lawsuit over his infamous $2 million purchase of a never-before-heard Wu-Tang Clan album.

Papers filed in Manhattan federal court this week simply said that all claims against Shkreli, by artist Jason Koza, would be dropped “without prejudice” — without saying why.

A source familiar with the case told The Post the move was likely due to a clause in Shkreli’s purchase agreement that protects him in case of just such a lawsuit.

martin-shkreli-39The former Turing Pharmaceuticals CEO — infamous for hiking AIDS drug prices by more than 5,000 percent — bought the sole copy of the album “Once Upon a Time in Shaolin” in November.

Weeks later he was arrested by the New York FBI on allegations that he had been running a Ponzi scheme in a former hedge fund. Shkreli has also been the target of a congressional committee investigating drug pricing, and refused to testify at a February hearing.

Koza piled on to the 33-year-old’s woes when he sued Shkreli in February, claiming that his art was used for the album without his approval.

The Long Island artist also sued Wu-Tang Clan producers Robert “RZA” Diggs and Tarik Azzougarh, also known as “Cilvaringz,” both of whom remain defendants to the case.

martin-shkreli-headShkreli was likely removed from the lawsuit because his purchase agreement carries a clause indemnifying him from costs that question the legitimacy of the sale, said a person with direct knowledge of the case.

“We learned new information late last week, which led us to conclude that any outcome with the other parties in the case would also resolve our claims against Mr. Shkreli,” said Koza’s lawyer, Peter Scoolidge, in an emailed statement.

“However, if that turns out to be incorrect, we will re-file the claims against him,” he added.

Shkreli’s lawyer, John Wait of Fox Rothschild, confirmed the existence of the indemnity clause, but said he did not know why his client was freed from Koza’s claims.

Martin Shkreli Arrested Says – Says He’ll Show up With $2M Bail Money No Fuc*ing Problem

hrdgr-pharmeTuring Pharmaceuticals CEO former hedge fund manager Martin Shkreli, dubbed “the most hated man in America” for gouging patients dependent on a drug used for HIV and cancer treatment, was arrested at his home in Manhattan today

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