The SEC claims that the veteran rapper continued to do business with Iconix after he sold his Rocawear apparel brand other assets for $204 million.
A NY judge says Jay-Z must answer questions from the Securities and Exchange Commission in a financial probe by the regulator.
Manhattan U.S. District Judge Paul Gardephe didn't let lawyers do more than introduce their names into the court record before he ruled that the singer whose birth name is Shawn Carter must answer the SEC's questions for a full day and maybe more.
The rapper is set to appear in court on Tuesday to offer his explanation.
During the hearing, Judge Gardephe said Jay-Z's testimony has been delayed for at least five months as he resisted providing a deposition in the case.
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Jay-Z's attorney, Spiro, said he was satisfied with the decision but otherwise did not take questions from reporters as he left the courthouse Tuesday.
In response to the subpoena, TMZ has learned that Jay will, in fact, be testifying in court. The lawyers cited Jay-Z's concern that the agency's request "is driven more by governmental fascination with celebrity and headlines than by any proper investigative goal".
The SEC's top celebrity hunters - I mean legal reps - should respond to Spiro's arguments later today.
Iconix, whose brands include Candie's and Joe Boxer, has been under SEC investigation since December 2015 over its accounting practices.
Gardephe noted that it appears unlikely that the questioning would take more than one day, but shot down any requests for any type of cap, insisting that "time limits sometimes incentivize the respondent to waste time".