The former financial adviser to the NFL players – Jeff Rubin – was banned from ever working in the finance industry back in 2012, after it was discovered that he was advising his clients to invest in illegal projects.
The lawsuit alleged that Rubin forged players names to open accounts and the bank was well aware of what he was doing along with authorizing suspicious withdraws from their accounts, providing accounting to Pro Sports rather than them, allowing Rubin to be power of attorney of their accounts with them giving the bank that authorization. The complaint stated that Lewis lost a total of $3.7 million, Santonio Holmes lost $1.1 million, Brandon Meriweather lost a total of $3.5 million and the rest of the NFL stars suing lost millions of their cash.
BT&T then fired back at the NFL players $52 million dollar lawsuit this week in court docs. The bank explains that the players had full authority to request bank statements regarding their accounts.
Also, BT&T blamed the NFL players for waiting too long to take action against any alleged fraud, which the law says a person must notify the bank within 180 days — something they say the NFL players failed to do.
Further, they said Ray Lewis and the others suing had 1 year to inform them if any wire transfers were made with their funds illegally or without their consent.
BT&T also claimed that all the players signed away the power to Pro Sports to make transactions with their money, meaning they weren’t suppose to question any movement of funds done by Pro Sports.
The bank blamed the players negligence for the millions of dollars lost. BT&T demanded the entire lawsuit be dismissed.
The trial for the case began last month in a Florida court. The jury listened to both sides for a total of 6 days in the courtroom. According to docs filed in the case on September 2nd, Ray Lewis and the other NFL players reached a confidential settlement with the bank dismissing the case and ending the trial early — before a verdict was reached by them in the battle.