jermaine-dupri

 

Jermaine Dupri is knee deep in debt apparently. According to the AJC, Dupri and Suntrust Bank is battling it out in courts regarding an outstanding loan. The bank claims Dupri owes over $1 million but is now being counter-sued for changing the loan payment agreement.

 

Dupri filed a response in Fulton County Superior Court this week to the suit filed by SunTrust in May. He is seeking at least $216,000 in damages and attorneys fees.

 

Dupri said that as part of a 2009 loan, SunTrust had agreed to use 25 percent of proceeds from music royalties to pay taxes owed to Georgia and the Internal Revenue Service, but the bank failed to make the payments.

 

Dupri claims that in 2010, SunTrust changed terms of the loan to remove the provision requiring that it make the tax payments.

 

In SunTrust’s lawsuit, filed in May, the bank alleges the Grammy winner was in default and still owes money toward the $4.9 million loan from 2010. The loan is backed by copyrighted music owned by Dupri, So So Def and other businesses, as well as a building on Briarwood Court in DeKalb County that houses two recording studios.

 

 In his counterclaim, which accuses SunTrust of fraud and breach of contract, Dupri said terms of the 2010 loan changed what were originally variable payments, due to the unpredictability of royalties from EMI Music Publishing, to higher fixed payments. A loan that originally was not in default, the producer said, soon became in default because new payments due “were not based on realistic projections of Dupri’s income.”

 

Read full article here…