WOW no matter how much money 50 Cents has 16 million is still a lot of money to pay.
50 Cent jumped in bed with a new chick before his old one was fully taken care of and he’s about to pay heavily for it.
A Florida court is ordering the superstar rapper to fork over more than $16 million to Sleek Audio, the company he first rattled Jimmy Iovine and Dr. Dre’s Beats 401K with before he aligned himself with SMS Audio.
After a bit of digging, he was found to have infiltrated their trade and design secrets to propel his new venture.
Reports Miami Herald:
An arbitrator in West Palm Beach found that the rapper, whose real name is Curtis Jackson, stole design secrets from Bradenton manufacturer Sleek Audio to make his own headphones, Street by 50 and Synch by 50.
The new court papers show 50 Cent needs to pay $11.6 million in damages for misappropriation of trade secrets, unjust enrichment and breach of confidentiality; and another $4.4 million in legal fees and expenses.
50 was walloped in arbitration last summer — and a federal court in Miami just affirmed the award to Sleek.
In May 2011, however, Sleek Audio and 50 Cent announced they had split without ever marketing any headphones.
Since then, 50 called has Sleek founders “incompetent” while Sleek branded 50 a “thief.”
Court documents show that 50 spent a lot of time, money and effort to keep the records sealed but the federal level put his business on front street anyway.
All rappers know the “mo money, mo problems,” motto comes with the territory, however. $16 million is tough pill to swallow, though.