Prince’s $116k Lawsuit Turns Tables On Debt Collection Agency
Prince has filed a $116k lawsuit against a debt collection agency that he claims illegally took a six-figure sum from his bank account.
While collection agencies may be more used to chasing indebted celebrities, the pint-sized pop star has become the pursuer in his battle with Calabasas-based Capital Asset Protection.
Prince’s $116k lawsuit comes after Capital Asset Protection collected the money for a lawsuit Prince previously lost over a music production contract. Yet the star objects to the withdrawals the debt agency made from his bank account, and intends to retrieve his money through the courts.
According to Prince’s $116k lawsuit, Capital Asset Protection’s withdrawals occurred in June 2012, and totaled $105,949.14 and $10,278.94 respectively.
Lawyers for the 54-year-old musician filed documents on Thursday in Los Angeles County Superior Court. The star’s legal team argue that a judge dropped the original judgement in October 2011, thus erasing his debt to the production company. If true, that would mean Capital Asset Protection collected a debt that didn’t exist.
The best thing about Prince’s $116k lawsuit? He’s bidding to get back his entire $116,228.12, plus interest.
If he doesn’t win, it’s unlikely Prince will have too many sleepless nights: in 2008, USA Today claimed the star had an estimated net worth of between $100 million and $250 million.