So So Def founder Jermaine “JD” Dupri‘s publicized financial woes have continued to heat up the summer, however, the music mogul is ready to fight back and clear his name from the bad press.
According to reports, JD is pointing his finger at a personal banker and seeking legal action.
Hip Hop mogul Jermaine Dupri says his bank wined-and-dined him, then treated him like an uneducated idiot in a plot to snatch millions of dollars from him … TMZ has learned. We broke the story … Sun Trust Bank sued the So So Def founder first, claiming he defaulted on a $5 million loan. The bank wanted $2 million for the balance plus interest … AND his entire EMI music catalog. Now, Dupri is firing back with a counter lawsuit … and in the docs, he says he secured a $5 million loan in 2009 with his ST personal banker — a man he’d worked with for years, who was lenient on loan payments and hooked him up with swag: ATL Falcons tickets, dinners, and more. (TMZ)
The rap mogul goes on to claim the personal banker used his lack of knowledge against him.
Then, in 2010 Dupri claims 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. But Dupri says in fact the new terms increased his loan payments without his knowledge. As a result … he defaulted, and had to sell off his music catalog and his studio to settle with the bank. This ain’t chump change on the line — according to JD his studio was worth $2.5 million, and his catalog … $20 million! (TMZ)
Outside of his legal woes, the Atlanta hitmaker celebrated So So Def’s 20th anniversary last February.
Stars came out heavy on Saturday night (Feb. 24) to Atlanta’s Fox Theater for the So So Def 20th anniversary concert. Mariah Carey, Usher, Jay-Z, Da Brat, Ludacris, Monica, and several others were in attendance to celebrate with the man who started it all, Mr. Jermaine Dupri. At some point during the night, JD joined Jay-Z onstage and they performed couple of songs including “N***as In Paris.” (The Honesty Hour)
He previously took credit for helping shine light on rap mogul Jay-Z when So So Def reached its prime in the mid-1990’s.
“When I made that song nobody knew who Jay-Z was in the South, by the way. People knew who he was up here, (in New York), but when I made that record, people at Columbia Records were like, ‘We should put out the Mariah record first. You’re a successful producer, let’s put out the big star song.’ I said ‘Nah, I’m putting out this rap record. This is what I want to put out.’ It was a big record.” (GG)