JAY-Z’s Roc Nation sues licensing firm over ‘colossal accounting scandal’

Jay-Z’s Roc Nation is suing a licensing firm in New York over claims it cheated his firms as part of a “colossal accounting scandal”.
The lawsuit, filed in state court in Manhattan, alleged Iconix Brand Group Inc. lied about its financial position when it negotiated and agreed deals back in 2013 with the Roc Nation apparel company, according to Billboard.
The allegations include claiming Iconix orchestrated a “massive years-long fraud” to gain more business, defrauded its licensees and partners, and set off a “colossal accounting scandal the depths of which are still being uncovered,” the lawsuit states.
Jay was questioned in a private deposition last year (18) about the fraud allegations by the Securities and Exchange Commission (SEC) in the U.S.
Billboard reports that at the time Jay was giving evidence, his lawyers said the Hard Knock Life hitmaker had no relevant information to share with investigators from the SEC.
Jay claims his Roc Nation firms have “incurred substantial legal expenses” in connection with the SEC’s investigations into Iconix’s alleged fraud.