Rapper 50 Cent must pay $16 million to settle headphone lawsuit

[Krazy]

According to recently unsealed court documents, hip-hop star 50 Cent has been ordered to pay $16 million in his dispute against a Bradenton company that was supposed to manufacture a line of headphones bearing the rapper’s name — an amount of money that, until now, was kept under wraps.

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.

In a nutshell, here’s what happened: 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.

50 was walloped in arbitration last summer — and a federal court in Miami just affirmed the award to Sleek.

The singer of Candy Shop and 21 Questions desperately tried to keep the award documents sealed, but the federal court unsealed them recently.

So far, 50’s not talking, and neither are his lawyers.

Through his company G-Unit LLC, Jackson and Sleek teamed up in early 2011 to market Sleek by 50, a line of wireless, over-the-ear headphones.

The new documents show 50 Cent became interested in the product after seeing the success of fellow rapper Dr. Dre’s Beats headphones.

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.”


Read more here: http://www.miamiherald.com/2014/04/08/4046357/rapper-50-cent-must-pay-16-million.html#storylink=cpy

 

[OnlyInCalifornia]

I don't believe it. If this is true why hasn't 50 Cent stolen hit songs to make his own?

 

[MMM]

 

[Big Skilly Films]

dre & jimmy ivoine snitched on him

 

[backbreaker65]

Ouch, that's gotta hurt.

 

[Trey0'5Blue2Gz]

 

[MiC]

16 million...according to Forbes that's more than he made in 2012 and 2013 combined. Ouch

 

[big bun]

50 got ninja money...this small things to a giant.

 

[backbreaker65]

16 million...according to Forbes that's more than he made in 2012 and 2013 combined. Ouch

Forbes OK.

 

[MiC]

16 million...according to Forbes that's more than he made in 2012 and 2013 combined. Ouch

Forbes OK.

When people read anything finance related such as richest people in the world, list of billionaires, etc it is always forbes. They may not be accurate to the dime, but they won't be off by 50%+

 

[mortuus est]

yayo bring the condoms.

sorry i just wanted to post that

 

[backbreaker65]

When people read anything finance related such as richest people in the world, list of billionaires, etc it is always forbes. They may not be accurate to the dime, but they won't be off by 50%+

Reported.

 

[Trey0'5Blue2Gz]

16 million...according to Forbes that's more than he made in 2012 and 2013 combined. Ouch

Gotdayum u a clown

 

[DAT NICCA KELSO]

#SMSAudio

 

[scuba]

When people read anything finance related such as richest people in the world, list of billionaires, etc it is always forbes. They may not be accurate to the dime, but they won't be off by 50%+

Naw, its wildly inaccurate. Even the IRS don't know how much money the super wealthy are holding, much less Forbes magazine... And honestly the Forbes richest lists are like the sports illustrated swimsuits issue, its an annual marketing stunt that is far from the core competency of the magazine, and they are NOT putting in effort, time and their best people to make it highly accurate...