Artist News Legal

Judge discharges 50 Cent’s bankruptcy after speedier than expected repayments

By | Published on Friday 3 February 2017

50 Cent

A federal judge has discharged 50 Cent’s bankruptcy case after he completed a five-year repayment plan in less than a year, aided by the $13.65 million he pocketed after suing the lawyers that advised him on a failed deal with a headphone maker. See, suing your lawyers is a good strategy. Until you run out of new lawyers to sue your old lawyers, I guess. But there are a lot of lawyers out there.

The rapper declared himself bankrupt in the midst of a legal battle with Lastonia Leviston, who sued him over a sex tape he had posted online in which she appeared. Though the bankruptcy didn’t actually stop that litigation, as he had been hoped.

However, the court subsequently approved a bankruptcy settlement last July that saw Leviston getting slightly reduced damages of $6 million, while other creditors stood to see between 74% and 92% of what they were owed.

That deal involved a sizable upfront payment from 50 Cent, but then additional payments over the next five years. However, the big fat payday delivered by settling with those former lawyers helped speed up the repayment process. Hence the bankruptcy case being discharged early.

As previously reported, 50 Cent is now suing the lawyers who repped him in the Leviston case for $32 million.



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