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August 26, 2006
NFL Seeks Dismissal of Suit
It looks like “taking responsibility for one’s actions” has gone out the window and is no longer in vogue. Passing the buck to the National Football League (NFL) and its union, six current and former players are demanding that the association reimburse them for losses up to $20 million incurred in a hedge fund fraud. The players argue that the union endorsed the services of the investment firm managed by Kirk Wright, International Management Associates.
The erstwhile hedge fund manager is now facing federal fraud charges and a lawsuit filed against him by the U.S. Securities and Exchange Commission (SEC). Meanwhile, the NFL and its union are seeking dismissal of the lawsuit filed against the association by the NFL players on the grounds that the players are responsible for their own financial decisions. Chicago Sports Tribune reports:
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.
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