Hip Hop executive, Jermaine Dupri, claims Sun Trust Bank wrongfully swindled millions of out him.
Sun Trust recently sued the So So Def mogul claiming he defaulted on a $5 million loan. The bank sued for $2 million for the balance plus interest and his entire EMI music catalog.
According to TMZ, Dupri has filed a counter lawsuit which claims he secured a $5 million loan in 2009 with his personal banker whom he has done business with for years. The banker allegedly had been lenient on loan payments in the past and had given gifts to Dupri such as Atlanta Falcons tickets, dinners, and more.
Dupri claims that in 2010 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.
However, Dupri says the new terms increased his loan payments without his knowledge and because of this he defaulted and had to sell off his music catalog and his studio to settle with the bank.
According to JD his studio was worth $2.5 million, and his EMI catalog was worth $20 million! That’s a whole lot of cheese! We hope JD gets it figured out.