“So So Def” Founder Slapped With Judgment In Georgia Court
Music producer Jermaine Dupri better get back in the studio and create some new hits!!!
A judge hit Dupri with a $2 million judgment following an almost two year battle with a Georgia bank who sued the So So Def founder for defaulting on a $5 million dollar loan.
SunTrust Bank filed suit against Dupri back in 2013, accusing the music producer of defaulting on a $5 million dollar loan. They demanded the court order Dupri to pay the remaining $2 million owed plus interest ASAP!
Dupri fired back at the lawsuit in a countersuit, saying his personal banker took advantage of him and his lack of education by presenting new documents to sign shortly after he took out the $5 million dollar loan.
The music producer said his banker told him it was to his benefit and had him sign without reading all of the pages. Dupri eventually learned the new documents increased his loan payments to an amount he couldn’t afford and as a result he defaulted on the loan. He demanded SunTrust’s lawsuit be thrown out and he not be ordered to hand over $2 million plus interest.
The matter came to a head last month, when a judge slapped Dupri with the judgment, forcing Dupri is to pay SunTrust bank a total of $1,820,593.10 plus interest in the amount of $225,146.80 for a grand total of $2,045,739.90.
The judgment is the latest in a long string of financial troubles for Dupri. Back in March he lost his Georgia mansion to foreclosure, with it being sold off at auction after he defaulted on the $2.5 million loan he took out on the property.