Thursday, 21 August 2014
Last updated 14 hours ago
Apr 2 2007 | 9:58am ET
The National Football League won’t kick off its 2007 season until September, but it still has to play ball in court.
A federal judge in Atlanta refused to dismiss a lawsuit against the NFL and NFL Players Association stemming from International Management Association hedge fund fraud, which allegedly lost several high-profile former and current players a total of $20 million.
Those players, including Steve Atwater and Carlos Emmons, say that the NFLPA put Wright’s firm on a list of approved investments, in spite of liens against him. The union and the league had argued, under the NFL’s collective bargaining agreement, that the players are responsible for their own finances. Barring that, the adversaries-turned-codefendants claimed that the agreement requires the dispute to go to arbitration.
But Judge Julie Carnes in Atlanta said she would allow the case to proceed to trial.
She wrote, “Because the court cannot determine at this time whether the union agreed to expand the rights and duties it owed to plaintiffs under the collective bargaining agreement, the court will not dismiss plaintiff’s allegations at this stage.”
Wright has already been slapped with $20 million in disgorgements and civil penalties and is currently awaiting trial for fraud. He allegedly defrauded investors out of $185 million.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note