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G-Unit Records Files $10 Million Lawsuit Against Young Buck

Posted Mar 22nd 2011 5:30PM by Latifah Muhammad
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Arnold Turner, WireImage

Financial problems for Young Buck don't seem to be easing up anytime soon. Aside from his on-going battle with the IRS, the Tennessee native is being sued by his label, G-Unit Records, which filed a $10 million lawsuit against Buck if he breaches his contract during his bankruptcy proceedings.

Label head 50 Cent also jumped in the mix, filing a $171,000 claim, which is the amount leftover from a $300,000 loan back in 2005. According to The Tennessean newspaper, Buck has 14 claims against him including the $334,000 tax lien, for a grand total of $11.5 million.

"One of the biggest problems with Buck's situation is not only that it's so complex, but also that he didn't understand it," Buck's lawyer, Robin Mitchell Joyce told the paper. "The money went in and the money went out and Buck's universe of knowledge about his financial state is a balance on an ATM receipt. ... Buck never knew at one point, at several points, that he was a millionaire."

Despite his bad luck, Joyce made the decision to take Buck on under the condition that he stay out of legal trouble and study the business behind the music industry. In learning from his previous mistakes, Joyce revealed that Buck submitted a $500,000 budget to the label for his forthcoming third release, a sharp change from what she characterized as "unorthodox business deals" with 50 Cent. The move will force the label to approve the amount or release him from his contract, which he attempted to do before but failed.

As if his money issues weren't bad enough, the 30-year-old may be heading to jail for a possession of a firearm charge, which is against the law for a convicted felon. Buck is currently out on $100,000 bail. A trial has been set for May, if convicted he faces up to 10 years in prison.