The rapper 50 Cent filed for bankruptcy protection on Monday, halting a dispute over a sex tape.
The 40-year-old rapper, Curtis James Jackson III, filed for chapter 11 protection in the U.S. Bankruptcy Court on Monday, the same day he was supposed to appear in a New York state court to determine whether he owes punitive damages in a 2010 lawsuit filed by Lastonia Leviston, rapper Rick Ross’s ex-girlfriend, court records show.
The music star, businessman and actor, reported in court papers that he has assets and debts in the range of $10m to $50m (£6.5m- £32m), according to the Wall Street Journal.
The filing comes days after a jury ruled that he must pay $5m to a woman suing over a sex tape case.
50 Cent’s 2003 album Get Rich or Die Tryin’ catapulted him to global fame.
Real name Curtis James Jackson III, the Grammy-award winning rapper’s business interests have included clothes, boxing, drinks, and mining.
His stake in VitaminWater reportedly netted him tens of millions of dollars when Coca-Cola bought the drinks brand in 2007.
Chapter 11 allows companies time to re-organise their finances while protecting them from creditors’ demands.
The court case stemmed from a video in which the rapper is accused of adding a commentary to a tape that the woman made with her boyfriend. The tape was then leaked online.
In addition to the $5m penalty, the jury was due this week to consider punitive damages in the invasion-of-privacy lawsuit. However, it was unclear if this would go ahead.