Friday, June 14, 2013
Jay-Z and Rocawear Sued
Rapper and entrepreneur Jay-Z is being sued in a lawsuit by a wholesaler for failure to pay a $450,000 balance on a special made order for Rocawear.
Check out the full story after the break.
According to the New York Post, iSource NYC claims Jay-Z owes for Rocawear clothes that were specially made in Pakistan and shipped to New York between April and June of 2012. In the legal documents obtained by the New York Post, iSource NYC stated the clothes in question "were specially ordered goods . . . [with] the ‘Rocawear’ brand name imprinted on [them]" and Jay-Z "never returned the ROC goods to iSource".
The lawsuit further alleges that the total cost of the Rocawear order was $1 million, but Jay-Z only paid half of this amount. iSource NYC is suing Jay-Z and Rocwear for the remaining balance of $450,000 plus 9 percent interest.
In March 2007, Jay-Z sold Rocawear to Icnonix Brand Group for $204 million. However, Jay-Z still has his stake in the company and is responsible for overseeing marketing, licensing, and product development.
At the present time, there has been no response from Jay-Z or Rocawear about these allegations.
Wow, that's a lot of money to owe ANYBODY. However, Jay-Z is worth roughly $500 million dollars, so if these allegations of true, dropping $450,000 will be nothing to him.
What do you think about these allegations against Jay-Z? Share your thoughts in the comments below.