According to news sources, Jay-Z and Iconix Brand Group Inc. have settled a series of legal disputes arising from transactions between the rapper and the clothing licensing company dating back to 2007.
In a Wednesday regulatory filing, Iconix said it agreed to sell some intellectual property assets to Jay-Z’s Roc Nation LLC and membership interests in his Marcy Media Holdings LLC affiliate, in exchange for $15 million.
Iconix said both sides also agreed to drop all claims against each other, without admitting wrongdoing or unlawful conduct.
Jay-Z, 49, whose legal name is Shawn Carter, is worth $1 billion, a fortune he built through his music, Roc Nation, the streaming service Tidal, Armand de Brignac champagne, and investments such as Uber, Forbes magazine said.
The settlement ends an April 2017 lawsuit in the federal court in Manhattan in which Iconix accused Jay-Z of infringing trademarks it acquired a decade earlier in a $204 million purchase of his Rocawear clothing brand.
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