General News

Damon Dash ordered to pay up in loan feud

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May 10, 2013 | 10:56am EDT

Embattled hip-hop mogul Damon Dash has been ordered to pay $330,000 (£212,904) to a former business partner who accused him of reneging on a 2006 loan. Tom Nastos, who ran an apparel company which distributed the Rocawear clothing line the star launched with his former pal Jay-Z, claims he fronted Dash $240,000 (£154,839) seven years ago on the promise that he would pay it back. When he failed to do so in a timely manner, Nastos filed suit in New York and demanded his money back. The music executive didn't respond to the accusations so Nastos was awarded a default judgement - only for Dash to later challenge the claim, insisting he wasn't properly served the legal papers. However, a Manhattan Supreme Court judge ruled against Dash on Thursday (09May13) and told him to hand back the funds plus an additional $90,000 (£58,065) in interest, reports the New York Post. The ruling is the latest blow to Dash's finances - his money woes first hit the headlines in 2009, when two of his Big Apple properties went into foreclosure and he was accused of owing $2 million (£1.29 million) in state taxes.

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