From Pirate to Plaintiff

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. Read more

Elvis’ Money Has Left the Building

guitar, by flickr user Michela Mongardi, licensed by Creative Commons.

All shook up

If Lisa Marie Presley gets what she wants, her former business manager will be dancing to the jailhouse rock. The daughter of music & American icon Elvis Presley is suing Barry Siegel for allegedly squandering away the Presley family’s hundred million dollar fortune. The lawsuit, filed in California, states that the Provident Financial Management and specifically Siegel “enriched himself with exorbitant fees”. The business manager then turned around and counter-sued for $800,000 and claims that Lisa Marie has extravagant taste and poor spending habits. Reports claim that the Presley fortune, once worth over $100m USD, is now down to around $15,000. A main recommendation from Siegel to Lisa Marie was an investment in the financial firm behind American Idol, an investment that eventually went bankrupt and turned about $25m in stock to about $500k almost overnight. Read More

Billion Dollar Divorce for Oklahoma Oil Man

"Stack Of Cash",Licensed Creative Commons, Klickr User kenteegardin,  2011

Money

Harold Hamm, named by Forbes as the 24th richest man in the world, is set to pay one of the biggest divorce settlements in history to former wife Sue Hamm. Mr. Hamm owns the largest piece of the nations most oil-rich land in North Dakota. “Mr. Hamm, who has described himself as “more hardheaded than other people,” did not have a particular document that is all but standard now whenever tycoons wed: a prenuptial agreement”. After the 9-week trial, Sue Hamm will now be amongst the richest women in the country. Mr. Hamm is required to pay his ex-wife one-third of the total settlement ($320 million) by the end of this year. Read More

Blacklisted? Investors Rally Against Blackberry

Blackberry bowl, by flickr user ftchris, licensed by Creative Commons.

Sweet or sour?

Blackberry’s tough times continue as their shareholders cry foul.  In a recent class-action lawsuit, thousands of investors claim that they were misled by the company’s lofty sales expectations.  Many are complaining that the company failed to compete with industry leaders Google and Apple (let alone Microsoft). The lawsuit includes a number of those who bought stock in Blackberry over the past calendar year.  Unhappy campers are furious that they mistakenly placed their faith in the wrong smartphone/technology movement and are seeking damages.  Read more

Citizens Pays $132.5 Million for Overdraft Practices

Greed, by Flickr user "las - initially", licensed via Creative Commons.Citizens Financial Group, a bank based in Rhode Island, was accused of unfair business practices in its calculation of overdraft fees for its poorer customers.  Instead of processing transactions in the chronological order they were created, the bank elected to process them from largest to smallest.  This increased the likeliness and amount of overdraft fees, which are levied when a customer spends more money than he/she has in the bank.

Read on to find out exactly how these customers were ripped off