Jermaine Dupri is in danger of losing his rights to the music from his So So Def music label. Apparently it’s all because Dupri can’t seem to pay off a huge loan.
Jermaine Dupri borrowed $4.8 mil from SunTrust Bank back in 2010, he paid more than half of it off and then SunTrust stopped receiving payments. SunTrust Bank is suing Jermaine Dupri for the remaining balance, plus interest which is approx $2 Million.
In order for Dupri to get the loan from SunTrust Bank, he had to put up collateral in the form of copyrights and royalties to the many songs his label owns from artists like Xscape, Bow Wow and Da Brat. Jermaine says, however that the lawsuit is complete BS and that, “SunTrust bank is full of s**t.”
This isn’t the first time Jermaine Dupri‘s had money problems – he recently just paid off a $3 Million tax lien and just avoided foreclosure on his Atlanta mansion two times in the past year.