Jay-Z ordered to appear in court next week over Rocawear probe

Iconix paid Carter more than $200 million to acquire "intangible assets" associated with his Rocawear apparel brand.

The Securities and Exchange Commission (SEC) is seeking an order forcing rapper and entrepreneur Jay-Z, whose real name is Shawn Carter, to comply with a subpoena for testimony, the agency announced Thursday.

Jay-Z is slated to rap next week - with a federal judge.

The agency pointed to a continued partnership involving Jay-Z, one that continued after 2007.

In an ordered issued Thursday, U.S. District Judge Paul Gardephe of the Southern District of NY said Carter must appear before him on May 8 to answer why he should not be compelled to appear before the commission. This isn't even the first time he was subpoenaed over this, having been hit with the first one in November of a year ago, and after obtaining new council, didn't appear in court as required, and has not given any additional dates that he'd agree to testify. But in March 2016, Iconix lowered the value of Rocawear by$169 million, according to the SEC.

The federal judge in the case, Paul Gardephe, ordered Carter to appear in a Manhattan court on Tuesday to explain why he should not be forced to talk to the SEC. "Mr. Carter had no role in that reporting or Iconix's other actions as a public company", the 48-year-old music mogul's representative told ABC News.

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Securities watchdogs are probing whether Iconix had violated trading laws related to financial reporting.

So far neither Iconix or JAY-Z has released a statement.

Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said. Carter was initially subpoenaed in November 16, 2017.

The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment.

The dates on which Jay-Z will appear in court to testify are unknown, as of Thursday afternoon.

  • Michelle Webb