Jay-Z must attend court next week to explain why he is dodging a subpoena.
The Securities and Exchange Commission (SEC) have launched an investigation into Iconic Brand Group, the company that bought the rapper’s Rocawear clothing line, to which the subpoena is related.
US District Judge Paul G. Gardephe has ordered the star to appear in a New York court on Tuesday (May 8). He must be able to provide a valid reason for ignoring the subpoena or will have to appear before the SEC in Washington on Friday (May 11). Should that happen, he will have to answer questions for the commission for as many days as necessary.
In a statement from his representatives, Jay-Z said he had no role in Iconix’s financial reporting or other actions. It added that the star is a private citizen “who should not be involved in this matter”. According to court papers, the SEC has claimed the rapper and Iconix continued to do business after the sale, and the commission is investigating the company to see if federal securities laws were violated when they reported financial results including Rocawear assets.
The SEC said Jay-Z is an “important witness” who has “defied two lawful subpoenas” after failing to appear for two scheduled testimonies. They now want him to explain his involvement with Rocawear after it was sold to Iconix, and to disclose how much the Rocawear trademark is worth.
If the musician reaches an agreement with the SEC to answer questions, then he may not be required to appear in court.