Jay-Z’s Companies Sue NYC Licensing Company for Fraud
Jay-Z’s business entities sued a New York City licensing firm, claiming it cheated the companies as part of a “colossal accounting scandal.”
The lawsuit accuses Iconix Brand Group Inc. of lying about its finances when it made deals with the rapper’s Roc Nation apparel company. There was no immediate response to a phone message Friday (July 5) seeking comment from Iconix.
When Roc Nation entered into a brand partnership with Iconix in 2013, the defendant company was fabricating financial reports to falsely inflate its earnings, according to the suit filed Thursday in state court in Manhattan.
The allegations arise “out of a massive years-long fraud perpetrated by Iconix and its affiliates to amass a portfolio of trademarks under false pretenses, in the process defrauding its licensees and partners, and setting off a colossal accounting scandal the depths of which are still being uncovered,” the suit says……..read more