Gotta Stay On It SMH: Jermaine Dupri Says Personal Banker Swindled Him, Now Suing

Jermaine Dupri is tackling his money woes head on, by suing his bank. The "Money Ain't A Thang" rapper claims that his personal banker took advantage of his lack of education to swindle into higher payments that jeopardized his his ownership of the So So Def music catalog.

TMZ reports:

We broke the story ... Sun Trust Bank sued the So So Def founder first, claiming he defaulted on a $5 million loan. The bank wanted $2 million for the balance plus interest ... AND his entire EMI music catalog.

Now, Dupri is firing back with a counter lawsuit ... and in the docs, he says he secured a $5 million loan in 2009 with his ST personal banker -- a man he'd worked with for years, who was lenient on loan payments and hooked him up with swag: ATL Falcons tickets, dinners, and more.

Then, in 2010 Dupri claims his personal banker took advantage of his lack of education (he didn't finish high school) and told him he had to quickly sign a NEW loan agreement, assuring him it was for his benefit.

But Dupri says in fact the new terms increased his loan payments without his knowledge. As a result ... he defaulted, and had to sell off his music catalog and his studio to settle with the bank.

According to Dupri, the So So Def catalog the bank is trying to snatch is worth $20 million.

Getting Worse: Jermaine Dupri Facing More Tax Troubles

Jermaine Dupri's financial woes have worsened after the hip-hop mogul was hit with an $800,000 tax bill.

The producer/rapper was recently sued over allegations he defaulted on a $4.9 million bank loan, and now he is facing action from officials at America's Internal Revenue Service (Irs).

They have served the star with two tax liens, alleging he owes money from 2008, 2010 and 2011, and the total comes to just under $800,000, according to Tmz.com.

Shifting Hands: Jermaine Dupri in Danger of Losing Rights to So So Def Music

Hip hop icon Jermaine Dupri is in danger of losing his rights to the music on his So So Def label, apparently because he's having trouble paying off a gigantic loan.

Dupri borrowed a cool $4.8 million from SunTrust Bank back in 2010, and after he paid more than half of it back, the bank stopped getting payments. In response, SunTrust is now suing Dupri for nearly 2 million dollars.

Here's the rub -- in order to secure the loan, Dupri put up collateral in the form of copyrights and royalties to the many songs his label owns, including classic hits from artists like Xscape, Bow Wow, and Da Brat.

According to TMZ, Dupri has yet to come up with the cash. Here's to hoping he does.

Mo' Problems: Jermaine Dupri Gets Sued By Big Bank For $1.9 Million

Jermaine Dupri has been sued by SunTrust Bank to the tune of $1.9 million in an action that charges the music mogul defaulted on a loan.

The Atlanta Journal-Constitution reports that Jermaine Dupri took out a $4.9 million loan in December 2010, but defaulted in May 2011. So So Def, Dupri’s company, was listed as the guarantor of the loan.

Dupri was given until November of 2012 to pay off the commercial loan but didn’t.

Currently, Dupri owes roughly $1.8 million in principal, $83,545 in interest, $10,083 in fees and $505 in interest as of May 21.

According to SunTrust, Dupri will not incur attorney fees if he pays the balance in full within 10 days.

In 2011, SunTrust also initiated foreclosure proceedings on Dupri’s mansion in Atlanta. but an auction was canceled.

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