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Everyone's favorite bankrupt rapper, 50 Cent, was back in the news the other day after he won a multi-million-dollar settlement with his ex-lawyer. Garvey Schubert Barer, who unsuccessfully defended the rapper in a $16.2 million lawsuit over headphones, has agreed to pay 50 Cent $14.5 million to settle a legal malpractice claim.
Curtis Jackson, III, the rapper's real name, announced the settlement on Instagram: "I just got 14.5 million back from one Law Firm For malpractice," he wrote. "They f*** up so bad, I don't think they should be practicing Law." Jackson quickly deleted the "effing" announcement and replaced it with a clean version, on advice of his new lawyers, no doubt.
The malpractice case stemmed from a claim by Sleek Audio that 50 Cent misappropriated trades secrets by producing headphones that were "basically the same designs" as theirs. After the arbitration award against him, the rapper sued his lawyers and alleged they did not "call technical and damages experts" to rebut the claims against him.
Forbes reported other terms of the settlement include: no admission of liability; neither party can disparage the other; attorneys' fees if the law firm defaults on the payment.
Jackson, who is also known as "Fiddy," probably will not see any of the malpractice settlement because most of it will go to satisfy the bankruptcy plan.
After his loss to Sleek Audio, 50 Cent filed for bankrupt and, in July, agreed to a financial reorganization to pay his mounting debts. Under the plan, his lawyers said, he owes $12.5 million to Sleek Audio and $7 million to pay a judgment in privacy lawsuit over a sex tape.
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