News

Jay-Z Buys Back Intellectual Property For Rocawear For $15 Million

Rapper Jay-Z has settled a nasty lawsuit with the company that bought his Rocawear brand.

Iconix plunked down $204 million for the brand in 2007, but in 2013 executives wrote off the entire investment.

Jay-Z sued, claiming he was due money and had been victimized by a fraud scheme hatched by the executives at the company.

Jay-Z’s lawyers also sued during the arbitration process, claiming there were not enough African-Americans involved in the process.

During the legal battle, the rap star/mogul was supposed to give a videotaped deposition, but he fought the order because he didn’t want his testimony to leak.

Jay-Z’s lawyers protested, claiming his privacy was being invaded and that he was being subjected to a “Spanish Inquisition.”

According to reports, Jay-Z, real name Shawn Carter, bought back $15 million worth of intellectual property from Iconix as part of the settlement.

Representatives for Jay-Z have yet to comment.

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