Ben Gordon’s financial advisors ordered to repay loanPosted by Inside Hoops
The AP reports:
A federal judge ordered Detroit Pistons guard Ben Gordon’s former financial advisors to pay him more than $1.3 million in a dispute over a loan but found there was no breach of their fiduciary duty.
Judge Charles Kocoras handed down the decision Wednesday in a suit Gordon, a former Chicago Bull, filed against California-based Larry Harmon & Associates.
Kocoras ordered Harmon to repay with interest and penalties a $1 million loan from Gordon in 2007 but threw out his claim that the loan and a change in how he paid them - from flat fee to 1 1/2 percent of earnings - represented a breach of the firm’s fiduciary duty to the NBA player.