Tuesday, 20 August, 2019

Jay-Z's Lawyer Responds to SEC Subpoena, Rejects Request for Unlimited Meetings

Jay-Z attends the 2017 Roc Nation pre Grammy brunch Jay-Z attends the 2017 Roc Nation pre Grammy brunch in Los Angeles on Feb. 11 2017
Lora Ball | 09 May, 2018, 03:59

The investigation centers on potential securities law violations by Iconix Brand Group, (ICON) a publicly-traded company that paid Jay-Z more than $200 million to acquire intangible assets associated with his Rocawear apparel brand, the SEC disclosed last week.

A month out from the start of his worldwide stadium tour with Beyonce, Jay-Z clawed at the Securities Exchange Commission in court papers Monday for making demands that he calls "excessive, unwarranted, and in need of judicial curtailment".

Jay-Z, whose birth name is Shawn Carter, must appear before the SEC in Washington on Friday for a deposition of unlimited duration unless he can explain why it should not be required, U.S. District Judge Paul G. Gardelphe wrote last week.

An agent for Jay-Z didn't immediately answer CNBC's request for remark.

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The SEC says they first issued a subpoena for Hova's testimony in November of 2017, followed by a second subpoena in February of this year after he retained new counsel. The judge said he had presided over other litigation involving Iconix and concluded there was "ample basis" for the SEC to be investigating the company's finances, especially after the company twice had to restate earnings for 2013 and 2014. TMZ reports that legal documents filed in court state that the hip-hop mogul will argue that any testimony that holds him up for more than a day will harm his forty-five date world tour, as well as the lives of those working on the tour.

Gardephe disagreed, saying at Tuesday's hearing that the agency had a "legitimate purpose" in seeking to interview Jay-Z.

SEC investigators have some questions about that deal and subsequent reporting, and Jay-Z is on the list of people they'd like to talk to about it. The SEC said it opposed any time limit. However, he said he expected the testimony could be finished in a day, and that the SEC must ask him for permission to go beyond that.

His most recent album, "4:44", was nominated for eight Grammys but did not win any.

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