Jermaine Dupri is currently in a legal battle which might just cost him part of his record label, So So Def’s music thanks in part to a $1.9 million lawsuit he is currently in the midst of.
Suntrust Bank is currently suing the music mogul for defaulting on a $4.9 million loan which he took out in 2010. The bank claims that Dupri backed up the loan with copyrighted music from the label which included the likes of Xscape, Da Brat, Jagged Edge, Lil’ Bow Wow and more.
This monetary issue isn’t the first one that Dupri has run into; he took out a loan in 2009 to pay off taxes and liabilities. He has faced foreclosure twice on his Atlanta mansion which is reportedly worth $4 million. So far, the house is not on sale to help pay off his debt.
But at least the bank is being nice about it. They had reportedly said that if Dupri pays back the money that he owes within the next ten days, they won’t charge him for their attorney fees.
Oh, how nice. No wonder Dupri has yet to comment on the matter.