Jay-Z, accused of dodging SEC subpoenas, due in court
- Author: Kyle Peterson May 09, 2018,
May 09, 2018, 5:42
They said the SEC has issued nine subpoenas to Jay-Z, his colleagues and his affiliated businesses, and that almost 11,000 pages of materials have been submitted.
The court papers refer to Jay-Z by his given name, Shawn Carter. Rather, he's going to have to explain to a judge why he's dodged two subpoenas thus far. Jay-Z in a court filing on Monday said he had offered to testify for one day, but asked U.S. District Judge Paul Gardephe to bar any questioning longer than that. For starters, he's got a 45 date world tour coming up. Back in 1999, he and his partner, Roc-A-Fella Records co-founders Damon "Dame" Dash, created the urban clothing line Rocawear.
The "99 Problems" star hit headlines on Friday, May 4, after he was summoned to appear in a NY court on Tuesday, May 8, to answer questions about the deal he signed with Iconix Brand Group bosses, who purchased the streetwear company for $200 million over a decade ago. The S.E.C. said that it wanted to question him about, among other things, the value of the Rocawear trademark; his involvement with the brand after the sale; and "multiple emails, meetings and phone calls related to Iconix".
This past March meanwhile, Iconix announced a $34 million write down of Rocawear that compounds a $169 million write down from 2016.
His lawyers, however, insist that this is all above Jay-Z's pay grade. Iconix in November 2015 said it would need to file restatements to certain financial reporting periods.
"Mr. Carter is a private citizen who should not be involved in this matter", the rep added.
In Monday's filing, Jay-Z's attorneys note that the rapper never served on the board or of as a principal for Iconix, and that his insight into the investigation will be highly limited.