Jay-Z is not one to mess around with his money or his business ventures. He has filed a lawsuit against Iconix Brand Group Inc. for allegedly lying about about its finances when the company was making deals with Roc Nation.
According to the Associated Press, the suit was filed on July 4th in Manhattan. Roc Nation accused Iconix of “fabricating financial reports to falsely inflate its earnings” when it partnered with them back in 2013.
The lawsuit states that the accusations come “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.”
Jay and his companies “have incurred substantial legal expenses in connection with, among other things, the federal government’s investigations into Iconix’s massive fraud.”
Hopefully this situation gets straightened out quick and both sides come to a mutual agreement.
