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Blank Rome Wins Significant Verdict for Iconix Brand Group


Thursday, May 03, 2007

Company is Awarded Approximately $50 Million in Damages

Philadelphia, PA – Blank Rome LLP represented Iconix Brand Group, Inc. (Nasdaq: ICON), formerly known as Candie’s, Inc., and its subsidiaries in a successful trial against Hubert Guez, Sweet Sportswear, LLC, Azteca Production International, Inc. and Apparel Distribution Services, LLC. After nearly three months of trial, the jury awarded Iconix Brand Group approximately $45 million in compensatory damages and $5 million in punitive damages, as a result of numerous successfully argued actions against the defendants, including breach of contract, breach of fiduciary duty, trademark infringement and others. The case was tried in the Superior Court of California, Los Angeles County.

The jury found in favor of Iconix Brand Group on every claim it pursued, and against the defendants on every counterclaim asserted. Additionally, the jury found that all of the defendants acted with "malice, fraud or oppression" with regard to Iconix Brand Group’s tort claims, and intentionally infringed the Company's federally registered BONGO® trademarks. Based upon the multiple findings of malice and willfulness, the jury awarded the additional $5 million in punitive damages. There will be a subsequent proceeding in which the Court will determine whether treble damages should be awarded for the trademark infringement claims, as well as a fee petition.

"We are thrilled with the result for our client Iconix Brand Group," noted James T. Smith, Partner, Blank Rome LLP. "The jury recognized the strength of the more than fifteen arguments we presented on behalf of our client, rejecting any counterclaims that were filed, and awarded our client substantially."

Blank Rome attorneys represented Iconix Brand Group, Inc. throughout the trial, including the punitive damages phase. Led by James T. Smith, the trial team included Brian S. Paszamant and Judd A. Serotta. Assisting the trial team were Rebecca D. Ward, Mary Ann Mullaney, Daniel J. Brown, Jason W. Norris, Scott E. Coburn and Lynette M. Santiago.

Iconix Senior Vice President, Business Affairs and Licensing, Deborah Sorell Stehr stated "The Blank Rome trial team, led by Jim Smith, did a great job on an incredibly complicated and high-stakes case; we are extremely pleased with the outcome."

About Blank Rome LLP

Blank Rome LLP is one of America’s largest law firms. With more than 500 attorneys serving clients across the globe, Blank Rome is an international law firm representing businesses and organizations ranging from Fortune 500 companies to start-up entities. Blank Rome helps its clients in all aspects of their businesses. The Firm’s practices cover areas including business tax; commercial and corporate litigation; employment benefits and labor; financial services; bankruptcy and financial restructuring; government relations; health law; intellectual property; maritime, international trade and procurement; matrimonial; privately held and emerging companies; product liability; public companies and capital formation; public finance; real estate; trusts and estates; and white collar, internal and government investigations. Blank Rome also represents pro bono clients in a wide variety of cases and matters. More information about the firm is available at www.blankrome.com.

About Iconix Brand Group, Inc.

Iconix Brand Group Inc. (ICON - news) owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S®, BONGO®, BADGLEY MISCHKA®, JOE BOXER®, RAMPAGE®, MUDD®, LONDON FOG®, MOSSIMO®, OCEAN PACIFIC®, DANSKIN® and ROCAWEAR®. The Company brands touch every major segment of retail distribution from the luxury market to the mass market. Iconix, through its in-house advertising agency, advertises and markets its brands to continually increase consumer awareness and loyalty and licenses its brands to a network of leading retailers and manufacturers.



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