50 Cent Settles $22 Million Bankruptcy Case
The rap mogul reportedly paid his five-year plan early with his own earnings and settlements from legal malpractice lawsuits against other attorneys.
50 Cent is out of the red. The music mogul has cleared his bankruptcy case by paying more than $22 million, the Associated Press confirmed on Thursday (Feb. 2).
Bankruptcy Judge Ann Nevins discharged the case in Hartford, Connecticut. Nevins reportedly set up a plan for Jackson to pay $23 million out of his $36 million debt in July 2016 after he filed for Chapter 11 bankruptcy in 2015. The Power producer's lawyers told reporters 50 paid the plan early with $8.7 million of his money and $13.65 million he was awarded in a legal malpractice lawsuit against other attorneys.
While the case wasn't mentioned by name, it was reported in 2015 that Jackson filed a $75 million lawsuit against the firm Garvey Schubert Barer for inadequate representation over the failure of his past business venture into the world of luxury headphones.
Currently, 50 is enjoying the success of his Effen Vodka brand and prepping for the upcoming crime thriller Den of Thieves starring Gerard Butler and O'Shea Jackson Jr.