Jay-Z & Iconix Brand Group have officially announced that both parties have reached a settlement agreement and dropped all claims in their ongoing legal battle which arose when Iconix Brand Group filed a lawsuit against Jay-Z’s Roc Nation and Major League Baseball Properties for creating Roc Nation-branded baseball caps claiming that the baseball caps made by Roc nation were infringing on its 2007 licensing agreement that allowed Iconix exclusive rights to manufacture and sell specific Rocawear products.
Iconix Brand Group argued that “[Jay-Z] and his various companies … have deliberately undermined a series of agreements, after receiving millions in substantial compensation from Plaintiffs, by continuing to use and exploit in business the very property already conveyed to Iconix and Studio IP by contract,” referring to the made baseball caps while Jay-Z claimed that the licensing deal didn’t allow Iconix to use the Roc Nation name.
Iconix has also agreed to sell some of its rights to Rocawear back to Roc Nation for the price of $15 million USD. The new settlement will also see other legal battled associated with the case come to an end, including Jay-Z stating that the American Arbitration Association failed to include a reasonable number of African-American arbitrators, which the celebrity claimed broke New York State law. He also claimed Iconix inflated its financials to receive a better outcome in the lawsuit.