Tim Duncan gets back $7.5 million in settlement with ex-adviser
Retired San Antonio Spurs forward Tim Duncan has settled his lawsuits against his former financial adviser, getting back $7.5 million that the adviser defrauded from the NBA legend.
Duncan had alleged that he lost more than $20 million investing in various ventures with the adviser, Charles Banks IV of Atlanta, because of Banks’ misrepresentations. But after duking it out in court, Duncan decided to settle with Banks, who was sent to federal prison following a criminal investigation by the FBI over one of his deals with Duncan.
“I wouldn’t say this makes him whole,” said Richard C. Danysh, one of Duncan’s attorneys at Bracewell LLP. “But given the amount of time expended by Mr. Duncan and his lawyers and the courts, the amount of money spent chasing this fellow, and Mr. Banks’ statements that he doesn’t have any (more) money, it seemed like the wise thing to do — bring it to a conclusion.”
The deal ends a federal lawsuit Duncan filed against Banks in San Antonio over allegations that Banks duped him into investing about $1.1 million in a cosmetics company that eventually went belly up. It also dismisses Banks from a federal lawsuit Duncan filed in Colorado naming Banks and Gameday, a sports merchandising company that Banks had an interest in.
Read more: http://www.mysanantonio.com/news/local/article/Tim-Duncan-gets-back-7-5-million-in-settlement-12526295.php
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