According to The New York Post, Jay Z wants the company that purchased Rocawear, Iconix, to pay for his legal fees after he was forced to testify in court, as the SEC probed why bosses issued a $169 million write-down in Rocawear’s value.
Jay’s lawsuit says he would have never sold Rocawear to Iconix if he would have known the real financial condition of the company, or the “accounting” fraud the executives were allegedly engaged in.
“Plaintiffs never would have entangled their business interests with Iconix had it disclosed the true condition of its business or the massive accounting fraud in which it was engaged,”court documents
Iconix, which the SEC and the feds have been investigating, was able to “amass a portfolio of trademarks under false pretenses,” court papers say.
Iconix then “absconded with its licensees’ money without providing the branding and retail support it promised,” the court documents allege.