Jermaine Dupri isn't at fault for a multi-million loan dollar he failed to pay, the bank is to blame, claims the Atlanta native.
TMZ recently obtained information behind Dupri's legal response to Sun Trust Bank. The bank claims that he defaulted on a $5 million loan from 2009. He still owes the remaining $1.9 million balance left on the advance and may have to part with his music catalog to clear the debt.
Dupri is countersuing. A high school dropout, JD believes Sun Trust played on his educational deficiency to trick him into refinancing the loan with a higher interest rate and a payment plan that he was unable to afford. One banker in particular allegedly befriended Dupri, relaxing his payment terms and gifting the former music mogul with football tickets and fine dinning, among other perks. The same banker allegedly encouraged him to sign a new loan contract, thus playing on his ignorance and locking him into a contract touted as beneficial.
Thanks to the employee's help, Dupri fell behind in settling the debt and now his $20 million So So Def music catalog is up for grabs. As founder and CEO of the label, Dupri is noted for ushering in huge '90s acts like Xscape, Da Brat and Kriss Kross. He has also briefly served as president of Virgin Records urban music department and produced hits for Janet Jackson and Mariah Carey.
The last few years, however, have been more about money than music for the producer/songwriter. Besides Sun Trust, Dupri was hit with an $800,000 tax lien, ordered to shell out $79,000 for a repossessed Lamborghini and has narrowly escaped foreclosure on the same Georgia home twice.
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(Photo: John Ricard / BET)
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