Jay-Z’s apparel company Roc Nation is suing the New York licensing outfit, Iconix Brand Group over claims that it defrauded his business as part of a “colossal accounting scandal.”
First reported in the New York Daily Post and quickly jumped on by media outlets across the US, the lawsuit was filed in the state court in Manhattan. It alleged that Iconix had ‘lied about its financial position’ when it negotiated deals back in 2013.
Allegations include claiming that Iconix organised a ‘massive years-long fraud’ to gain more business from its portfolio of licenses and partners, and ‘set off a colossal accounting scandal, the depths of which are still being uncovered.’
Jay-Z was questioned in a private deposition in 2018 about the fraud allegations by the Securities and Exchange Commission in the US. The rapper claims that his Roc Nation brand has ‘incurred substantial legal expenses’ in connection with the SEC’s investigation.
He is seeking payment of legal fees and unspecified damages.
Licensing.biz has reached out to Iconix Brand Group for comment and will run updates as they come in.