50 Cent Refuses $13.5 Million Settlement Offer In Malpractice Lawsuit
50 Cent has refused an out-of-court settlement offered him by a Wall Street law firm he dragged to court for legal misconduct.
Yesterday, the rapper posted the screenshot of their court document, revealing that the law firm, Garvey Schubert Barer (GSB), who he took to court last year for not representing him well in a previous legal battle that cost him over $17m offered him the money.
According to Business Finder:
“50 Cent submitted the complaint against Garvey Schubert Barer (GSB) in the Connecticut bankruptcy court seeking $75 million in damages. The rapper claims the law firm did a terrible job representing him while he was dealing with the legal fallout from a failed venture with a company called Sleek Audio. Inspired by the success of Beats by Dre, 50 Cent began working with Sleek in 2010 to create his own brand of headphones called “Sleek by 50.”
Sleek missed its launch deadline and never ended up marketing the headphones, according to 50 Cent’s complaint. The rapper decided to form his own company, SMS Audio, to launch the headphones, and he claims his lawyers at GSB assured him he wouldn’t be infringing on intellectual property rights held by Sleek.
Despite GSB’s alleged assurances, Sleek filed an arbitration proceeding against 50 Cent, claiming he misappropriated its trade secrets while marketing his own headphones. The arbitrator ultimately awarded Sleek more than $11 million plus almost $5 million in attorney fees.
50 accuses the firm’s lawyers of failing to ’employ the requisite knowledge and skill necessary to confront the circumstances of the case’.”
This happened in October 2015. The firm which previously blamed him for his loss, insisting that they advised him well, have now, according to the rapper, reached out to him for settlement.
“They offered me $13.5 million to settle my malpractice case with them yesterday. I didn’t take it,” he said, adding, “I have faith in the court system. I’ll see them at trial. What they did was ridiculous.”
Should he have taken the offer?