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Kwetu Bongo

Online Magazine

Jay-Z’s companies sue NYC licensing company for fraud

 Jay-Z’s business entities have 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 on Friday seeking comment from Iconix.

The suit says that Roc Nation entered into a brand partnership with Iconix in 2013. It says at the time, Iconix fabricated financial reports to falsely inflate its earnings.

Jay-Z, whose given name is Shawn Carter, was questioned last year by Securities and Exchange Commission about the fraud allegations.

The suit filed on Thursday in Manhattan seeks unspecified damages.

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