Record executive, producer and entertainer Jermaine Dupri may have amassed millions of dollars over his 20 plus year career in the music industry, but it doesn’t qualify him as a genius.
Over the past few years, Dupri has found himself in a financial quagmire of bankruptcies, lawsuits and foreclosures. His most recent financial hiccup involved a lawsuit filed by Suntrust Bank.
Dupri was sued after he defaulted on a $5 million loan. Suntrust demanded the $2 million balance plus interest and Dupri’s entire EMI music catalog, reportedly worth $20 million.
According to TMZ:
“Dupri is firing back with a counter-lawsuit … and in the docs, he says he secured a $5 million loan in 2009 with his ST personal banker — a man he’d worked with for years, who was lenient on loan payments and hooked him up with swag: ATL Falcons tickets, dinners, and more.
“Then, in 2010 Dupri claims 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.
“But Dupri says in fact the new terms increased his loan payments without his knowledge. As a result … he defaulted, and had to sell off his music catalog and his studio to settle with the bank.”
It will be interesting to see how Dupri’s lawyers will argue he was taken advantage of given his history of success in the business.