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So So Def Founder Owes Massive Debt
Reportedly, hip hop mogul Jermaine Dupri could lose the rights to the music from his So So Def label due to a large debt from an outstanding loan. According to TMZ, Dupri borrowed $4.8 mil from SunTrust Bank back in 2010 and still owes more than half of the balance. SunTrust is suing JD for almost $2 million, which is the balance plus interest. He put up copyrights and royalties on many of his label’s songs as collateral. Dupri briefly responded to the suit, telling TMZ, “SunTrust bank is full of s**t.” The rapper/producer paid off a huge tax debt earlier this year and also faced foreclosure on his Atlanta mansion twice in 2011 and 2012. |
