Last month, Jay Z began pursuing criminal extortion charges against music producer Chauncey Mahan for stealing over $20 million worth of Jay's recordings, claiming Mahan held on to the 2002 audio pending Jay & Co pay a $100,000 "storage fee" to get them back.

LAPD confiscated said recordings pending the results of a full investigation, but now law enforcement tells TMZ that Hov has decided not to move forward with the case.

Since the tapes are currently in possession of the LAPD, they will hold on to them until a civil judge gives them specific instructions.  

Source: tmz.com