50 Cent files for bankruptcy amid trial

Rapper Curtis Jackson, or, as he's known by his stage name, 50 Cent, just filed for federal bankruptcy protection, following a court order to pay $5 million in an invasion-of-privacy lawsuit. The lawsuit in question was filed by a woman who said the artist somehow acquired a sex tape of her and her boyfriend before recording crude commentary over it and posting it to the internet.

The posting was part of an ongoing feud between 50 and rival Rick Ross, with the two rappers trading increasingly tense barbs over interviews, the Internet, and through their lyrics. Though Ross did not appear in the video in question, the woman is the mother of his daughter. 

Beyond the initial $5 million, the case's jury was set to deliberate further this week on additional punitive damages. The recent bankruptcy filing, however, may put that deliberation on hold.

According to 50's lawyer, "Mr. Jackson's business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case. This filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer."

50's wealth is estimated in the range of $10 to $50 million, and his mansion, which he purchased from Mike Tyson in 2003, was recently listed for sale for $10.9 million.

Being on the receiving end of a lawsuit can be financially crippling if not handled correctly. To make sure your rights are protected as well as possible, it is important to retain a skilled business attorney. A lawyer can help protect your rights in case of litigation.

Categorised in: Entertainment Law

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