Jay-Z has finally reached settlement terms with Iconix Brand Group Inc., ending several disputes, the oldest of which dates back to 2007.
As a result of the agreement, Hov’s Roc Nation LLC will pay $15 million to Iconix to retain some intellectual property assets and some membership holdings in Marcy Media Holdings LLC, according to Financial Post. Further, neither Jay or Iconix will need to admit wrongdoing or unlawful conduct under the arrangement and both sides will drop any outstanding claims against each other.
This is an amicable end to a 2017 lawsuit filed by Iconix in Manhattan federal court. In that lawsuit, the company accused the rapper of breaching trademark agreements that Iconix acquired from JAY-Z in 2007, when the company purchased Rocawear clothing for $204 million.
(more at thegrio.com)