According to TMZ, Hip Hop mogul Jermaine Dupri put up the copyrights and royalties to music from artists such as Kriss Kross, Da Brat, Bow Wow and Xscape as collateral to secure a loan he took out with SunTrust Bank for $5 million. And now the music producer is being sued. The bank wants $2 million for the balance, plus interest… AND his entire EMI music catalog.
Dupri is also firing back with a counter lawsuit. According to Jermaine, says he secured the loan with his SunTrust personal banker — a man that he had worked with for years, who was lenient on loan payments and hooked him up with swag: ATL Falcons tickets, dinners, and more.
Dupri is also making claims that his personal banker took advantage of his lack of education (he didn’t finish high school) and told him he had to quickly sign a NEW loan agreement, assuring him it was for his benefit.
Now in case some of you may not understand just how unbalanced and serious this is, we’re not just talking about chicken scratch here. According to JD, his studio was worth $2.5 million… BUT that catalog of his alone is worth $20 MILLION!!
Come to think of it, this sounds almost familiar with that situation several years back between Michael Jackson and Sony.
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