From Pirate to Plaintiff

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Johnny Can’t Deppend on Anyone to Handle His Money

Johnny Depp has agreed to settle a lawsuit, in which he accused his former business managers of negligence and dabbling in fraudulent activities with his money.  The amount of money Depp was looking to recover was $25 million.  Depp played the role of victim, claiming the firm did not uphold their fiduciary duties to him.  He blamed Joel and Robert Mandel of the Management Company, who managed Depp’s affairs for 17 years, for issuing loans to outside entities without Depp’s knowledge, and investing the actor’s money in opportunities for which the managers could also claim stake.  Depp also accused the Management Group of failing to file his taxes in a timely manner.  Despite these accusations, Joel and Robert Mandel filed counterclaims in the lawsuit.

The business managers believe the responsibility of Depp’s debt remains his own issue, and even describe Depp’s allegations against the company as “fabricated.”   In the counterclaim, the Management Company was looking to collect $560,000 from Depp, which totaled all unpaid fees for services rendered.  The managers revealed Depp’s excessive spending habits, including a wine budget of $30,000 a month; and focused on the company’s attempts to advise Depp of his dangerous spending pattern and the eventual outcome.  Depp argued the company only made him aware of his depleting funds in March of 2016.

The defendants stressed that despite their efforts of presenting financial concern to Depp, the actor continued his lavish lifestyle.  The Management Company accused Depp of spending money he really did not have, about $2 million a month.  According to the company, Depp maintains 14 houses, spends $200,000 a month on a private jet, and $150,000 a month for security for himself and family.  With an August 15 court date in sight, the parties attempted to come to an agreement in mediation. While it is not clear what the specific terms of the settlement are, it is clear that both sides did not want to continue the tirade of airing each other’s secrets.