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.
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 Roca wear clothing brand. Iconix has written off almost the entire value of the Roca wear brand. It said on Tuesday it took a $5.5 million charge after agreeing in principle to resolve a US Securities and Exchange Commission probe into its write downs.
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