Jay-Z's upcoming global concert tour is in real danger of being derailed. And it may all be due to the federal government.
The Securities and Exchange Commission wants to have a chat with the rapper concerning an investigation into his clothing line, but his lawyers say demands for "unlimited" testimony by the star amount to a "celebrity hunt."
Jay-Z, whose real name is Shawn Carter, has been called to testify in the SEC's case against Iconix brand management company, which bought the trademarks to the singer's Rocawear clothing line for $200 million.
Their investigation centers on potential securities law violations by Iconix, which manages and licenses clothing brands while maintaining little overhead from inventory.
Jay-Z has already agreed to testify for a full day before the regulatory agency, even though he claims to have little information about the investigation's focus. But his attorneys argue that requiring unlimited questioning places "unreasonable and burdensome demands" on Beyonce's husband, as he prepares for a 45-date, world-wide concert tour promoting his 4:44 album.
"The SEC continues to insist on meeting Mr. Carter in person for an unlimited period of time," attorney Alex Spiro argued in a Monday court filing. "The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative purpose and crossed over into a celebrity hunt."
In a statement filed with the legal memo, Jay-Z stated that rushing to testify at the SEC's Washington, D.C. headquarters on May 11 would "impair the work of many individuals and entities who are preparing for the tour and will hinder my own work in preparation for the tour."
SEC attorneys are scheduled to file a response on Tuesday, hours before a scheduled hearing on the matter in Manhattan federal court.
We pay for juicy info! Do you have a story for RadarOnline.com? Email us at email@example.com, or call us at (866) ON-RADAR (667-2327) any time, day or night.