50 Cent Is Suing Old Lawyers For $75 Million
50 Cent is suing his previous lawyers for $75 million, claiming they poorly represented him in his lawsuit with Sleek Audio.
According to Business Insider, the rapper filed the suit on Tuesday (Oct. 6) against Garvey Schubert Barer (GSB)... over a lost lawsuit against Sleek Audio in 2014, who was awarded a $16 million judgement.
Here's what happened. In 2010, 50 Cent entered into a partnership with Sleek Audio for the launch of his own brand of headphones called "Sleek By 50." After Sleek missed its launch deadline and failed to market the headphones, according to 50 Cent's complaint, he went on to start his own SMS Audio.
He claims GSB assured him he wouldn't be infringing on intellectual property rights held by Sleek, so he moved forward. But, despite GSB's assurances, Sleek filed a lawsuit against 50 Cent, claiming he misappropriated its trade secrets while marketing his own headphones... a suit the hip-hop mogul lost.
"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," the complaint reads.
In response, GSB tells Business Insider: "We understand that Mr. Jackson is disappointed in the outcome of Sleek Audio's arbitration against him. However, Mr. Jackson's complaint against GSB omits a number of relevant facts and misstates a number of others, and we will respond to the allegations in accordance with the court's rules. Our attorneys properly counseled Mr. Jackson and his sophisticated team of financial and operational advisors about the transactions and the arbitrations with Sleek. Unfortunately, the arbitrator in the Sleek case found Mr. Jackson responsible for his actions and the actions of those who performed services for him or his companies. We look forward to demonstrating that our attorneys handled the Sleek matters appropriately in all aspects."
The $16 million judgement, which later exceeded $18 million, contributed to 50 Cent's decision to file for Chapter 11 bankruptcy in July, due to debts totaling more than $28.4 million, the bulk of which is owed to Sleek Audio.