(AllHipHop News) 50 Cent is taking legal action against his former business managers for allegedly mishandling his bankruptcy proceedings.
The hip-hop star, real name Curtis Jackson filed for bankruptcy in 2015 after a jury ruled he had to pay $5 million to a woman who sued him over a sex tape released without her permission.
His bankruptcy filing listed his debts as $36 million against assets worth less than $20 million .
On Tuesday (September 12), the rapper filed new legal papers in Connecticut Bankruptcy Court alleging executives at GSO Business Management "failed to counsel" him properly during the proceedings, leaving him with an unnecessary tax bill of $200,000.
He also claims GSO managers stole an additional $90,000 of his money.
"GSO completely disregarded the procedures of the bankruptcy court, and improperly helped themselves to Jackson's money in order to pay themselves," a statement from Jackson's lawyers reads.
Earlier this year Jackson reached an agreement to pay back $23.4 million of his debts from future earnings over five years.
One of the five GSO managers named as a defendant in Jackson's claim is Jonathan Schwartz, who in May was sentenced to six years in prison for stealing $7 million from singer Alanis Morissette and other clients.
The rapper is also suing the law firm Reed Smith and attorney Peter Raymond, who represented him in the original sex tape case alleging breach of fiduciary duty and malpractice.
He is seeking $7 million in actual damages and $25 million in punitive damages from the firm.