American rapper 50 cent has filed for the chapter 11 bankruptcy protection after he was sued for $5m by a woman over a sex tape case.
According to BBC, 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
The news agency further goes on to say that, 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.
The Chapter 11 bankruptcy protection allows people/companies time to re-organize their finances while protecting them from creditors’ demands.
50 cent real names Curtis Jackson, rose to fame when his 2003 Get Rich or Die Trying album sold millions of copies. The rapper who is also a businessman sold his Vitamin water to Coca-Cola for millions of dollars.
According to a statement released by 50 Cent’s (Mr Jackson) attorney, William A Brewer,
“Mr Jackson’s business interests will continue unaffected in the ordinary course during the pendency of the Chapter 11 case.”
It also added: “This filing for personal bankruptcy protection permits Mr Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
50 cent is currently staring in his hit series power.