Friday, 27 March 2015
Last updated 15 min 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…