According to the reports, Curtis H. Jackson III, has filed a Manatee County lawsuit against the company, seeking repayment of $261,000 owed by Sleek Audio.
Sleek Audio is combatting the suit and say the dispute should have gone to mediation before a lawsuit was filed, alleging the rapper cut the company out of the relationship, to focus on a new line of headphones.
50 Cent contends that his G-Unit LLC, and Sleek Audio agreed in early 2011 for some marketing of the “Sleek by 50” line of wireless, over-the-ear headphones, but in of May 2011, Sleek Audio and 50 Cent announced they had split.
50 says that in the January 9 lawsuit, Sleek Audio signed a promissory note for $285,000, which was to be repaid with interest on or before July 31, 2011.
Sleek Audio also had the option to pay 50 when they earned more than $750,000 through private offerings of debt or equity in the company.
50 cent says he was not repaid and the dispute went to arbitration.
Court records show he received an arbitration award for money owed, and he is now asking the court to confirm the award.
Lawyers for both sides were not immediately available for comment.