(AllHipHop News) Jermaine Dupri has been sued by SunTrust Bank to the tune of $1.9 million in an action that charges the music mogul defaulted on a loan.
The Atlanta Journal-Constitution reports that Jermaine Dupri took out a $4.9 million loan in December 2010, but defaulted in May 2011. So So Def, Dupri’s company, was listed as the guarantor of the loan.
Dupri was given until November of 2012 to pay off the commercial loan but didn’t.
Currently, Dupri owes roughly $1.8 million in principal, $83,545 in interest, $10,083 in fees and $505 in interest as of May 21.
According to SunTrust, Dupri will not incur attorney fees if he pays the balance in full within 10 days.
In 2011, SunTrust also initiated foreclosure proceedings on Dupri’s mansion in Atlanta. but an auction was canceled.
Dupri has not commented on the matter.
