Jermaine Dupri In Jeopardy Of Losing So So Def Music Rights
Jermaine Dupri may be on the verge of losing his rights to So So Def Records because he can’t pay off a large loan.
According to TMZ, Durpi borrowed $4.8 million from SunTrust Bank back in 2010. He supposedly paid more than half of the loan back, but the bank stopped getting payments. Now, SunTrust is suing Durpi for close to $2 million.
Here’s where it gets complicated. In order for Dupri to receive the loan, he had to put up collateral. In this case, it was copyrights and royalties to songs his label owns from artists such as Xscape, Bow Wow and Da Brat.
This isn’t the first time Durpi has been in financial troubles. He recently paid off a $3 million tax debt in February. As of now, Dupri has neither paid back the loan to SunTrust nor has he confirmed the allegations.