Damon Dash has denied he is trying to sell the copyright to JAY-Z's album Reasonable Doubt as the rapper had claimed, insisting he is instead selling his share of Roc-A-Fella Records.

It was revealed on Friday that JAY-Z had filed legal papers against Dash, amid claims the entrepreneur was planning to sell the copyright to Jay's album Reasonable Doubt, at "a SuperFarm Foundation online auction" on 23 June.

"The sale of this irreplaceable asset must be stopped before it is too late, and Dash must be held accountable for his theft," JAY-Z's lawyers wrote in the papers. "Dash can't sell what he doesn't own. By attempting such a sale, Dash has converted a corporate asset and has breached his fiduciary duties. The court should stop Dash... and hold him accountable for his brazen theft."

However, Dash has now responded to the lawsuit, insisting that some vital details of the claim are incorrect.

According to TMZ.com, JAY-Z tried to buy out Dash's one-third of the record company in March, but at a price Dash "deemed unacceptable".

He's now looking for a new buyer, telling the outlet: "Under the terms of the deal with a potential buyer, the buyer would buy my share of Roc a Fella Records and Jay-Z will have exclusive administration rights."

JAY-Z has yet to comment on Dash's response to the lawsuit.