50 Cent has to pay $23.4 million in a bankruptcy settlement, but he sounds happy about it
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Rapper 50 Cent.
A bankruptcy judge has signed off on a settlement deal that will effectively close 50 Cent’s controversial bankruptcy case, according to a TMZ report.
The rapper, whose real name is Curtis Jackson, will reportedly have to pay $23.4 million over the course of five years. $17 million of this figure will settle his ongoing legal negotiations with Sleek Audio, and another $6 million will go to Lastonia Leviston, who sued Jackson for posting a sex tape of her online.
Jackson filed for Chapter 11 bankruptcy in July 2015. Soon after, he called it a “strategic” move and suggested that he filed for bankruptcy to lessen the financial impact of Leviston’s lawsuit.
Jackson’s legal team introduced the $23.4 million payment plan in April. After the judge approved the deal on Wednesday, Jackson’s attorney responded to the settlement in the following statement to TMZ:
“Mr. Jackson is pleased that the Bankruptcy Court approved his plan of reorganization today, less than one year after filing for chapter 11 to reorganize his financial affairs. Mr. Jackson appreciates the fresh start this process provides.”
Jackson responded to the settlement news in an Instagram post, the caption of which reads, “oh now I remember where I put that money. LMAO.”
Business Insider has reached out to Jackson and his legal team for further comment.
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