Post by jannikki on Mar 30, 2007 5:56:56 GMT -4
NFL | Players' hedge fund suit can continue
From Inquirer Wire Services
The National Football League and the NFL Players Association lost a bid to dismiss a lawsuit by players claiming the organizations recommended unfit financial advisers and caused them to lose $20 million.
A federal judge in Atlanta ruled yesterday that former Denver Broncos defensive back Steve Atwater and six other players may proceed with their case over lost investments. They sued in June after the operator of the hedge fund International Management Associates LLC, recommended to them by the league and the union, was arrested for cheating investors.
The ruling means the case will go to the discovery phase, in which the players' attorneys will seek documents and depositions from NFL officials about why they recommended the now bankrupt and defunct hedge fund.
NFL spokesman Greg Aiello did not immediately return a call seeking comment.
The players accuse the NFL and union of breach of fiduciary duty for approving the services of Kirk Wright and Nelson Keith Bond, coheads of the bankrupt hedge fund, without doing background checks. Wright was arrested in..........(more)
www.philly.com/inquirer/sports/20070330_NFL____Players_hedge_fund_suit_can_continue.html
From Inquirer Wire Services
The National Football League and the NFL Players Association lost a bid to dismiss a lawsuit by players claiming the organizations recommended unfit financial advisers and caused them to lose $20 million.
A federal judge in Atlanta ruled yesterday that former Denver Broncos defensive back Steve Atwater and six other players may proceed with their case over lost investments. They sued in June after the operator of the hedge fund International Management Associates LLC, recommended to them by the league and the union, was arrested for cheating investors.
The ruling means the case will go to the discovery phase, in which the players' attorneys will seek documents and depositions from NFL officials about why they recommended the now bankrupt and defunct hedge fund.
NFL spokesman Greg Aiello did not immediately return a call seeking comment.
The players accuse the NFL and union of breach of fiduciary duty for approving the services of Kirk Wright and Nelson Keith Bond, coheads of the bankrupt hedge fund, without doing background checks. Wright was arrested in..........(more)
www.philly.com/inquirer/sports/20070330_NFL____Players_hedge_fund_suit_can_continue.html