Jermaine Dupri may be close to losing his So So Def catalog in a lawsuit over a defaulted loan, but the CEO isn’t going out without a fight. According to a report by TMZ, the So So Def label owner is counter-suing claiming that he was duped into signing for the loan by a shady banker who took advantage of his lack of knowledge.
As previously reported, Dupri acquired a $4.8 million loan from SunTrust Bank in 2010. The stipulations of the loan required that he put up collateral. In this case, Dupri used royalties and copyrights to tracks owned by So So Def, including songs from Xscape, Bow Wow and Da Brat’s catalogs. SunTrust claims that after receiving more than half of the amount, Dupri stopped making payments and sued the mogul for the balance plus interest and the aforementioned collection of music.
Dupri is counter suing claiming that the bank took advantage of his lack of education and tricked him into hastily singing a new loan agreement under the guise that it was beneficial. Dupri says the new deal substantially increased his payments without his knowledge causing him to default. Now he is fighting to keep a catalog he claims is worth $20 million.
The “Money Aint A Thang” rapper dodged a financial bullet in January when he paid off a $3 million debt to the IRS.