U.S. federal authorities and former boy band manager, Lou Pearlman agreed that Pearlman, must repay $300 million in stolen money to banks and investors on Wednesday.

According to MSN.com, Pearlman defrauded about 1000 people of $195 million in a phony savings program. He also took out $126.7 million in fraudulent loans from federally insured banks and swindled $70 million from people who believed that they were purchasing shares in Pearlman’s company.

Although Pearlman made millions in the nineties, he now has very few assets with which to repay investors and banks.

U.S. District Judge G. Kendall Sharpe said in May that he would reduce Pearlman’s sentence by one month for each $1 million he repayed. So far, Pearlman has not paid any additional money.

He is currently serving a 25-year jail term for fraud.

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The Backstreet Boys have filed a lawsuit against their former manager Lou Pearlman — again.

The group filed a suit in Orange County, Fl. that makes several claims, including allegations that Pearlman did not dissolve all of the Boys’ business entities when they were released from their contract in 1998. Instead, he used the money to start up a new business in their name, MTV.com reports.

The suit also claims Pearlman didn’t settle with two original members of the band pre-fame.

“The Backstreet Boys assumed that Mr. Pearlman had properly dealt with the departures,” said the Boys’ lawyer Jordan Keller. “[But] the Backstreet Boys were then sued by these parties and ultimately settled with them in 2004.”

This has cost the current group an undisclosed amount of money, estimated to be over $15,000.

“Regardless of the fact that the Backstreet Boys had done nothing wrong, Mr. Pearlman’s actions on behalf of the corporations tainted them,” Keller said.

The group first sued Pearlman in 1999 to break their contract with him. This was settled out of court for $29.5 million.

Pearlman insists he is doing nothing wrong and operates his business according to the settlement terms.

“We’re tired of third party frivolous lawsuits trying to interfere with our settlement,” Pearlman’s spokeswoman Elizabeth Neff said. “Mr. Pearlman and Trans Continental Records still share in revenue received from the record sales of the Backstreet Boys and wishes them continued success.”

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