50 Cent is suing a company he once partnered with for not repaying a $285,000 loan he lent the wireless headphone brand.
50 Cent is suing a Florida wireless headphone business over aÂ $285,000 loan he lent the company back in April of 2010, which has yet to be paid back, as court documents show.
The partnership between Fif and the Bradenton company resulted in the “Sleek by 50” headphones, which were announced in 2011. However, Sleek Audio issued a press release last May ending its licensing agreement with 50 Cent.
The Miami HeraldÂ (via HHDX)Â reports thatÂ Fif is suing Sleek Audio to have his $285k returned, as well he’s asking forÂ $61,429 in back interest, an additional 15%Â for any debt that is leftÂ unpaid going forward, and for Sleek Audio to pay the legal fees associated with this issue.
The court documents state that Sleek Audio was to begin to repay the loan once the company broached $750,000 in sales revenue, a feat reportedly accomplished in February 21011.
According to the suit, Sleek claims the loan was void when Fif brought their idea to a competitor.