Jay-Z has agreed to offer testimony to the SEC in regards to an investigation over accounting practices of fashion giant, Iconix Brand Group.
The rap star hit headlines on Friday after he was summoned to appear in a New York court to answer questions about the deal he signed with Iconix Brand Group bosses, who purchased the streetwear company for $200 million over a decade ago.
The new owners are under investigation for allegedly violating federal securities laws in their financial reporting of Rocawear accounts.
Jay-Z had been accused of ignoring two prior subpoenas issued by authorities at the U.S. Securities and Exchange Commission (SEC), but now his lawyers are fighting back, claiming he agreed to testify for one day.
The rapper’s lawyers said he is simply objecting to their request for unlimited additional days in court, as their superstar client knows little about the focus of the investigation.
Jay-Z’s lawyer Alex Spiro writes:
“The SEC continues to insist on meeting Mr. Carter in person for an unlimited period of time. The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative purpose and crossed over into a celebrity hunt.”
Spiro also explains granting the SEC officials’ request would “impair” Jay-Z’s preparations for his massive joint summer tour with his wife Beyonce, which kicks off in June.