50 Cent Pays $22 Million to Settle Bankruptcy Case
50 Cent’s bankruptcy case is no more. A judge discharged the case after the G-Unit member paid more than $22 million, according to the Associated Press.
The Queens rapper filed for bankruptcy in the summer of 2015. After plenty of legal wrangling over his finances, it was finally determined that 50 had debts of $36 million and assets of less than $20 million.
Judge Ann Nevins approved a plan for 50 to pay back $23 million over the course of five years. The veteran MC was able to make his payments earlier than expected by using $8.7 million of his own money and $13.65 million he got from his former attorneys in a settlement to avoid trial in a malpractice lawsuit.
50’s legal battles are not over though. The “21 Questions” rhymer is suing his ex-lawyers for allegedly mishandling the Lastonia Leviston sex tape case too.
“Reed Smith and Raymond did not follow established legal standards in representing Jackson in the Leviston Case by failing to provide effective representation and conduct proper pre-trial and trial preparation prior to the Leviston trial,” 50 ‘s complaint reads. “In addition, their lack of effective representation and inadequate pre-trial preparation and preparation for trial caused Jackson to retain new counsel on the eve of trial.”
50 also says his old representation pushed him to file for bankruptcy through “neglectful, negligent and unethical conduct.” He claims that he never would have done so if he knew about their malpractice. 50 is seeking $7 million in actual damages and $32 million in punitive damages.
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