50 Cent has acquired a fortune through his successful music and business ventures, but now he’s going to have to break some of that off following a court ruling.
The rapper has been ordered to pay just over $16 million to Sleek Audio, according to RadarOnline. The ruling comes as a result of Sleek suing Fif for “misappropriating trade secrets, breaching his fiduciary duty owed to Sleek, participating in a civil conspiracy, breaching his confidentiality agreement with Sleek, and being unjustly enriched.”
A few years back, 50 and Sleek were in business together, working to develop a line of headphones. However, the Queens native and the company soon parted ways.
“As reported, the license arrangement between my company, G-Unit, and Sleek Audio to produce headphones branded as ‘Sleek by 50’ has been cancelled,” he said in 2011. “Instead, I have established a new company that is developing a complete line of audio accessories, including wireless headphones, offering superior sound quality along with cutting-edge technology for all music lovers to enjoy.”
What resulted was “Sync by 50,” headphones that Sleek alleged were “basically the same design, mechanically,” according to RadarOnline.
The court agreed, and now the rap mogul has been ordered to pay Sleek $11,693,247 in damages, as well as $4,488,331 in attorney’s fees.
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