50 Cent may have been awarded $14.5 million in a legal malpractice suit, but all of the money is going towards his bankruptcy settlement. The rapper had filed the lawsuit against a firm that had been legally representing him in a headphones lawsuit.
According to Forbes, 50 agreed to a $23 million bankruptcy settlement this past July, which is currently pending approval.
The lawsuit stemming from 2014 required that he pay $16 million to Sleek Audio, a headphones maker when he backed out of a deal in order to create his own brand. A court ruled that the headphones 50 produced were “basically the same designs” as the ones made by Sleek.
After that decision came down, the rapper filed a malpractice suit against law firm Garvey Schubert Barer, who had represented him against Sleek.
Rolling Stone reports that he alleged that the firm, “didn’t adequately represent his interests in licensing negotiations and arbitration disputes with Sleek Audio.”
His new legal representation alleges that, “Among GSB’s numerous failures was its inexplicable decision not to call technical and damages experts to rebut expert testimony offered by Sleek - failures relied upon by the arbitrator in crediting Sleek’s experts and entering an eight-figure award in Sleek’s favor.”
50 Cent went on to file for bankruptcy in July 2015, and owed Sleek $17 million at the time. He further owes $7 million in damages from a privacy lawsuit following the leak of a sex tape.
One of his lawyers, Craig Weiner, said in a statement, “With respect to Sleek Audio, the $14.5 million settlement represents significantly more than the $12.5 million payable to Sleek Audio under the Bankruptcy Plan and more than half of the total amount owed under Mr. Jackson’s reorganization plan.”
© 2024 MusicTimes.com All rights reserved. Do not reproduce without permission.
