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Jay-Z To Be Deposed In Iconix Case

Jay-Z To Be Deposed In Iconix Case

Jay-Z By Joella Marano (Jay-Z) / CC BY-SA 2.0 via Wikimedia Commons
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NEW YORK (CelebrityAccess) — Music mogul Jay-Z will have to face a day of questioning from Securities and Exchange Commission investigators, a federal judge ruled on Tuesday.

Manhattan U.S. District Judge Paul Gardephe ruled that Jay-Z, whose real name is Shawn Carter, must answer the SEC’s questions for a full day and maybe more, the Associated Press reported.

The judge referred to Jay-Z a “respondent” in the case and suggested that a day of testimony would likely let the rapper return to his business, which includes plans for his upcoming “OTR II” tour with his wife Beyonce. The run kicks off at First Energy Stadium in Cleveland on July 25th.

Lawyers for the SEC and Jay-Z settled on May 15 for the rapper to provide a deposition in the federal regulator’s probe of the Iconix Brand Group, which acquired assets of Jay-Z’s Rocawear apparel business in 2007.

During the hearing, Judge Gardephe said Jay-Z’s testimony has been delayed for at least five months as he resisted providing a deposition in the case. Jay-Z had originally been hit with a subpoena in November, and a second subpoena in January, the Associated Press said.

Alex Spiro, an attorney and partner with Quinn Emanuel Urquhart & Sullivan, LLP, who is representing Jay-Z in the case said that he was “pleased with the decision.”

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