Why SunTrust Bank is sueing Jermain Dupri

Dupri reportedly took out a $4.9 million loan from SunTrust Bank in 2009. He paid off more than half of the loan, but then the checks stopped coming in, the bank alleges. The bank is suing him for $1.9 million for defaulting on the loan, according to the Atlanta journal Constitution

Dupri backed the loan with the copyrights to his own music and songs from the So So Def catalog along with his Briarwood Court recording studios. The bank was in a deal with Dupri to acquire some of his music in return for nulling the debt, but the deal did not go through. No word on which catalog it was.

Lately Jermaine Dupri has been working his way out of the red. He’s paid off a $3 million tax lein and saved his Atlanta mansion from foreclosure.

This past February, Dupri celebrated the 20th Anniversary of his So So Def label with a star-studded concert that included Jay-Z, Usher and the label’s Kris Kross, Da Brat, Jagged Edge, Xscape, Bow Wow and more.

Source: Vibe

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