Rapper addresses legal issue, but now has to settle a multi-million dollar bankruptcy settlement
Lyle Adriano
Rapper 50 Cent finally has settled a malpractice suit with his former lawyers at Garvey Schubert Barer and is due a financial settlement, but his pending financial concerns might mean he may not see that settlement at all.
According to Forbes, 50 Cent is due $14.5 million from the settlement, but he has to resolve a $23 million bankruptcy settlement that he had agreed to in July.
In 2014, 50 Cent (Curtis Jackson) was ordered to pay headphone equipment manufacturer Sleek Audio about $16 million after the rapper not only turned down his deal with Sleek, but also started his own line of headphones—which a court ruled had “basically the same designs” as Sleek’s.
The rapper then sued his team of lawyers for malpractice, alleging that they did a poor job representing him against Sleek. Rather than take things to court, the attorneys agreed to settle with 50 Cent for $14.5 million. Documents related to the case revealed that the award will be used to settle 50’s outstanding balances. Jackson still owes $23 million to his creditors, which includes the $17 million he owes Sleek. The bankruptcy judge, TMZ reported, still needs to sign off on the deal.
EURweb added that 50 Cent also owes $7 million in damages after losing in a privacy suit involving a leaked sex tape.
Following the announcement of his settlement award, 50 Cent took to Instagram to post a message.
“I just got 14.5 million back from one Law Firm For malpractice. They f**ked up so bad, I don’t think they should be practicing Law.”
The message has since been deleted.
On Monday, Rolling Stone reported that 50 replaced the deleted post with an edited image of him sitting on a pile of money, with the caption, “I retract my earlier statements about the legal services provided to me by the law firm of Garvey Schubert Barer. The law firm and I have settled our dispute and I consider the issue closed.”
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Rapper 50 Cent finally has settled a malpractice suit with his former lawyers at Garvey Schubert Barer and is due a financial settlement, but his pending financial concerns might mean he may not see that settlement at all.
According to Forbes, 50 Cent is due $14.5 million from the settlement, but he has to resolve a $23 million bankruptcy settlement that he had agreed to in July.
In 2014, 50 Cent (Curtis Jackson) was ordered to pay headphone equipment manufacturer Sleek Audio about $16 million after the rapper not only turned down his deal with Sleek, but also started his own line of headphones—which a court ruled had “basically the same designs” as Sleek’s.
The rapper then sued his team of lawyers for malpractice, alleging that they did a poor job representing him against Sleek. Rather than take things to court, the attorneys agreed to settle with 50 Cent for $14.5 million. Documents related to the case revealed that the award will be used to settle 50’s outstanding balances. Jackson still owes $23 million to his creditors, which includes the $17 million he owes Sleek. The bankruptcy judge, TMZ reported, still needs to sign off on the deal.
EURweb added that 50 Cent also owes $7 million in damages after losing in a privacy suit involving a leaked sex tape.
Following the announcement of his settlement award, 50 Cent took to Instagram to post a message.
“I just got 14.5 million back from one Law Firm For malpractice. They f**ked up so bad, I don’t think they should be practicing Law.”
The message has since been deleted.
On Monday, Rolling Stone reported that 50 replaced the deleted post with an edited image of him sitting on a pile of money, with the caption, “I retract my earlier statements about the legal services provided to me by the law firm of Garvey Schubert Barer. The law firm and I have settled our dispute and I consider the issue closed.”
Related stories:
Morning Briefing: US firms continue Asia-Pac expansion
Morning Briefing: Malpractice claims against law firms increasing
