Jermaine Dupri once managed the careers of music giants such as Jay Z, Mariah Carey, Da Brat, Bow Wow and more through his So So Def Label. The one time top producer is now having money issues that could result in him losing his record label.
According to TMZ, Jermaine Dupri borrowed $4.8 million from SunTrust Bank in 2010. He has been able to pay back nearly half of the loan, but suddenly stopped making regular payments to the financial institution. SunTrust has decided to sue the music legend for nearly $2 million as a result of his balance plus interest.
Dupri was able to receive the loan from SunTrust by putting up collateral in the form of copyrights and royalties to records his label owns of artists including Da Brat, Bow Wow, and Xscape.
TMZ reports that this isn’t the first time Dupri has had money issues just this year. The site states that Dupri had recently placed a $3 million tax lien in February and has dodged foreclosure on his Atlanta mansion twice in the past year.
Jermaine Dupri and So So Def recently celebrated the So So Def 20th anniversary earlier this year where former artists of the label came to make an appearance. Jay Z, Mariah Carey, and Da Brat were among the stars at the celebration.