Mike Tyson Pummels Live Nation With $5M Lawsuit - Mike Tyson is used to squaring
off against opponents in the ring. But the boxing legend is hoping to
best his latest foe through the legal system.
Tyson and his wife Lakiha are
suing events giant Live Nation and its subsidiary, SFX Financial
Advisory Management Enterprises, claiming that the person that Live
Nation appointed to look after their finances embezzled from them,
causing them damages "in excess of $5,000,000."
According to the lawsuit, the Tysons signed on with SFX in 2005, as
Iron Mike was attempting to settle a bankruptcy that was severely
hampering his earning potential. (The complaint claims that the
bankruptcy prevented the Tysons from earning more than $225,000 in
"non-fight" income.)
Mike Tyson Pummels Live Nation With $5M Lawsuit
Brian Ourand (also named as a defendant in the suit) was appointed to
handle the Tysons' finances on behalf of SFX -- but instead, the suit
claims, he embezzled more than $300,000 from the couple.
The Tysons claim that Live Nation didn't inform them of the alleged
theft until they asked why Ourand had been taken off of their account,
and were later sent a legal document directly, rather than through their
attorney, that would have waived the couple's right to file a lawsuit
if signed.
A spokeswoman for Live Nation has not yet responded to The Wrap's request for comment.
The alleged $300,000 theft caused a ripple effect, the suit claims.
The couple were forced to mortgage their home, and had to borrow money
"to fund the IRS," the lawsuit -- filed in Los Angeles Superior Court on
Wednesday -- says.
According to the complaint, they were also deprived of "lucrative
business opportunities" while the bankruptcy proceedings dragged on, and
were "forced to enter into an onerous bankruptcy settlement."
"Defendant Ourand and Defendant SFX/Live Nation deceived the Tysons
in the worst possible way at the worst possible time when the Tysons
needed them to conclude Mr. Tyson's bankruptcy proceedings," the suit
reads.
The suit alleges negligent hiring, retention and supervision;
conversion; breach of fiduciary duty; fraud; and unjust enrichment.
Along with an accounting of " the funds stolen by Defendant Ourand,"
the suit is seeking economic and compensatory damages, along with
punitive damages, court costs and attorneys' fees.
Pamela Chelin contributed to this report.
This article originally appeared in : Mike Tyson Pummels Live Nation With $5M Lawsuit | the wrap | By Tim Kenneally | February 20, 2013 8:37 PM
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