Steve Atwater sues NFL for $20 million - The Orange Mane

maven · 08-24-2006, 11:08 AM

http://www.bloomberg.com/apps/news?p...zjA&refer=home

http://www.forbes.com/business/manuf...ap2963490.html

The NFL and its union say a lawsuit filed by six current and former players seeking to recoup $20 million they lost in an alleged fraud scheme should be dismissed, arguing in part that league players are solely responsible for their own finances.

The league and players association filed papers Friday in federal court in Atlanta seeking to dismiss the lawsuit, which was initially filed in June.

Lawyers for the NFL wrote that the players' collective bargaining agreement "established that players shall bear all responsibility for their personal finances." They also said that the agreement requires arbitration, not litigation, of disputes such as the ones raised in the lawsuit.

"That agreement provides an exclusive remedy - arbitration - for any and all claims, such as those presented here, that involve interpretation or application of any element of the agreement," league attorneys Gregg Levy and Earl Gunn wrote.

The papers filed by the players association seek to dismiss the lawsuit on similar grounds.

The lawsuit claims the union endorsed the services of an investment firm even though its manager had liens against him.

In the lawsuit, the players said the league and the NFLPA are liable for the losses because of investments with hedge fund manager Kirk Wright.

Wright was arrested in Miami Beach in May on federal fraud charges. He also faces a lawsuit filed by the Securities and Exchange Commission against him and his company, International Management Associates.

According to authorities, Wright and his company collected as much as $185 million from at least 500 investors since 1997 and used false statements and documents to mislead some of them to believe the value of those investments was increasing. Much of that money is now missing.

The lawsuit against the league and union initially included seven plaintiffs, but Marco Coleman's name was dropped from the lawsuit in an amended complaint filed on July 14.

The players still listed as plaintiffs are Steve Atwater, Ray Crockett, Al Smith, Blaine Bishop, Carlos Emmons and Clyde Simmons.

The new complaint also listed two new defendants, "ABC Corp." and "XYZ Corp." The suit describes those entities as "John Doe" companies whose true names are unknown to the plaintiffs, but were supposed to perform certain background checks for the NFL and NFLPA.

Garcia Bronco · 08-24-2006, 11:14 AM

Go get them Steve...it does annoy me that they call him a former DEnver Bronco and Jets defensive back....

freak6 · 08-24-2006, 11:27 AM

"Rod Smith is the only active NFL player to invest".

I knew there was a way to turn this into a Lelie thread.

The only reason Rod is playing is because he lost his ass in this short sell scam. Therefore, the reason Ashley Lelie is now a disgruntled Falcon is because Rod Smith has to keep playing to make enough cake to pay all of his bills. But the real person you have to blaim is Atwater... Or is it the NFLPA for having this clown on thier list of acceptable advisors

Lelie then got fkd over by the Players Association three times.

Once for listing scam advisors to Atwater and Co., thereby keeping Rod Smith in the weight room and on the field and keeping Ashley off of it.

Twice for bowing into the owners demands on allowing teams to increase the fines up to $14,000 a day.

Third because + the Broncos are able to take back a third of his $3 million signing bonus!!!!

Poor Ashley!!! boo hooo

obediah · 08-24-2006, 11:33 AM

They need to give Steve the 20 million and if he can put another tubby chief on his ass like he did Chritian Okoye, they should give him another 20 million. if i had 20 million i would pay that to be on the field right next to him when tuba-luba Okoye went down.

Obediah

Mediator12 · 08-24-2006, 12:01 PM

This is an interesting case. Requiring all agents to register with the NFL and NFLPA makes them open to Liability and Fiduciary responsibilities. It is going to be interesting if this guy Kirk Wright had questionable practices that should have been exposed in the backround check process. The majority of the responsibility should rest with whoever blew the backround check.

Garcia Bronco · 08-24-2006, 12:15 PM

Quote:

Originally Posted by Mediator12

This is an interesting case. Requiring all agents to register with the NFL and NFLPA makes them open to Liability and Fiduciary responsibilities. It is going to be interesting if this guy Kirk Wright had questionable practices that should have been exposed in the backround check process. The majority of the responsibility should rest with whoever blew the backround check.

It sounds like on the surface that there wasn't much due dilligence

watermock · 08-24-2006, 12:18 PM

Quote:

Originally Posted by Garcia Bronco

Go get them Steve...it does annoy me that they call him a former DEnver Bronco and Jets defensive back....

Why, because it's the truth?

Atwater was released by Denver.

Mediator12 · 08-24-2006, 12:21 PM

Quote:

Originally Posted by Garcia Bronco

It sounds like on the surface that there wasn't much due dilligence

Yeah, I actually think the principle behind this is admirable, but someone screwed up and will have to pay the Piper. I do NOT think the NFL should have to pay the whole amount, but should make restitution for the amount owed after IMA settles the case. Even partial restitution would be preferable. The NFL and NFLPA opened the door to this suit by requiring the advisors to register. My brother in Law is a registered advisor for them and he is watching this case quite closely as am I.

The Moops · 08-24-2006, 01:24 PM

Suing the NFL . . . well, there's another Bronco who will get screwed by the HOF Committee

Tredici · 08-24-2006, 02:58 PM

Quote:

Originally Posted by freak15

"Rod Smith is the only active NFL player to invest".

I knew there was a way to turn this into a Lelie thread.

The only reason Rod is playing is because he lost his ass in this short sell scam. Therefore, the reason Ashley Lelie is now a disgruntled Falcon is because Rod Smith has to keep playing to make enough cake to pay all of his bills. But the real person you have to blaim is Atwater... Or is it the NFLPA for having this clown on thier list of acceptable advisors

Lelie then got fkd over by the Players Association three times.

Once for listing scam advisors to Atwater and Co., thereby keeping Rod Smith in the weight room and on the field and keeping Ashley off of it.

Twice for bowing into the owners demands on allowing teams to increase the fines up to $14,000 a day.

Third because + the Broncos are able to take back a third of his $3 million signing bonus!!!!

Poor Ashley!!! boo hooo

What a bunch of **** about Rod Smith. Why would you speculate about something you don't know anything about?

p7superfly · 08-24-2006, 03:04 PM

Quote:

Originally Posted by Tredici

What a bunch of **** about Rod Smith. Why would you speculate about something you don't know anything about?

As the great Foghorn Leghorn once said, "IT'S A JOKE, SON ... A JOKE!"

KipCorrington25 · 08-24-2006, 06:06 PM

Quote:

Originally Posted by watermock

Why, because it's the truth?

Atwater was released by Denver.

Was he released or just not resigned? There is a difference there. My memory is that he became a free agent and signed with NYJ and not that he was released.

Circle Orange · 08-24-2006, 07:36 PM

Some of the courts are cracking down on so many lawsuit cases. They're expensive for the public, and often take months to sort out.

08-24-2006, 11:08 AM	#1
maven ★☆★☆★☆★☆★☆★☆★☆★☆★☆ Join Date: Jan 2005 Posts: 7,867	Steve Atwater sues NFL for $20 million http://www.bloomberg.com/apps/news?p...zjA&refer=home http://www.forbes.com/business/manuf...ap2963490.html The NFL and its union say a lawsuit filed by six current and former players seeking to recoup $20 million they lost in an alleged fraud scheme should be dismissed, arguing in part that league players are solely responsible for their own finances. The league and players association filed papers Friday in federal court in Atlanta seeking to dismiss the lawsuit, which was initially filed in June. Lawyers for the NFL wrote that the players' collective bargaining agreement "established that players shall bear all responsibility for their personal finances." They also said that the agreement requires arbitration, not litigation, of disputes such as the ones raised in the lawsuit. "That agreement provides an exclusive remedy - arbitration - for any and all claims, such as those presented here, that involve interpretation or application of any element of the agreement," league attorneys Gregg Levy and Earl Gunn wrote. The papers filed by the players association seek to dismiss the lawsuit on similar grounds. The lawsuit claims the union endorsed the services of an investment firm even though its manager had liens against him. In the lawsuit, the players said the league and the NFLPA are liable for the losses because of investments with hedge fund manager Kirk Wright. Wright was arrested in Miami Beach in May on federal fraud charges. He also faces a lawsuit filed by the Securities and Exchange Commission against him and his company, International Management Associates. According to authorities, Wright and his company collected as much as $185 million from at least 500 investors since 1997 and used false statements and documents to mislead some of them to believe the value of those investments was increasing. Much of that money is now missing. The lawsuit against the league and union initially included seven plaintiffs, but Marco Coleman's name was dropped from the lawsuit in an amended complaint filed on July 14. The players still listed as plaintiffs are Steve Atwater, Ray Crockett, Al Smith, Blaine Bishop, Carlos Emmons and Clyde Simmons. The new complaint also listed two new defendants, "ABC Corp." and "XYZ Corp." The suit describes those entities as "John Doe" companies whose true names are unknown to the plaintiffs, but were supposed to perform certain background checks for the NFL and NFLPA. Last edited by maven; 08-24-2006 at 11:16 AM..

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08-24-2006, 11:14 AM	#2
Garcia Bronco Hokie since 1993 Join Date: Apr 2001 Location: Denver, CO Posts: 46,001 Adopt-a-Bronco: Tom Jackson	Go get them Steve...it does annoy me that they call him a former DEnver Bronco and Jets defensive back....

08-24-2006, 11:27 AM	#3
freak6 3,631 - WAKE UP!!!! Impeach President Cheney and Puppet Join Date: Aug 2004 Location: San Diego Posts: 4,651 Adopt-a-Bronco: MJK	"Rod Smith is the only active NFL player to invest". I knew there was a way to turn this into a Lelie thread. The only reason Rod is playing is because he lost his ass in this short sell scam. Therefore, the reason Ashley Lelie is now a disgruntled Falcon is because Rod Smith has to keep playing to make enough cake to pay all of his bills. But the real person you have to blaim is Atwater... Or is it the NFLPA for having this clown on thier list of acceptable advisors Lelie then got fkd over by the Players Association three times. Once for listing scam advisors to Atwater and Co., thereby keeping Rod Smith in the weight room and on the field and keeping Ashley off of it. Twice for bowing into the owners demands on allowing teams to increase the fines up to $14,000 a day. Third because + the Broncos are able to take back a third of his $3 million signing bonus!!!! Poor Ashley!!! boo hooo

08-24-2006, 11:33 AM	#4
obediah Solid Starter Bronco Fanatic Join Date: Aug 2006 Location: Colorado Springs Posts: 193 Adopt-a-Bronco: John Lynch	They need to give Steve the 20 million and if he can put another tubby chief on his ass like he did Chritian Okoye, they should give him another 20 million. if i had 20 million i would pay that to be on the field right next to him when tuba-luba Okoye went down. Obediah

08-24-2006, 12:01 PM	#5
Mediator12 OM analyst REAL Front Seven Bandwagon !!! Join Date: Sep 2003 Location: INDY Posts: 9,703 Adopt-a-Bronco: Malik Jackson	This is an interesting case. Requiring all agents to register with the NFL and NFLPA makes them open to Liability and Fiduciary responsibilities. It is going to be interesting if this guy Kirk Wright had questionable practices that should have been exposed in the backround check process. The majority of the responsibility should rest with whoever blew the backround check.

08-24-2006, 01:24 PM	#9
The Moops Old School Dude Join Date: Jul 2006 Location: Princeton, NJ Posts: 1,115 Adopt-a-Bronco: None	Suing the NFL . . . well, there's another Bronco who will get screwed by the HOF Committee

08-24-2006, 07:36 PM	#13
Circle Orange SPOT ON. Join Date: Dec 2003 Location: The Styxx, D.C. Posts: 3,956	Some of the courts are cracking down on so many lawsuit cases. They're expensive for the public, and often take months to sort out.