According to an Associated Press report (via ESPN), Duncan alleges Banks falsely claimed the company, Le Metier de Beaute, was profitable when it was actually close to bankruptcy. Le Metier de Beaute has since shut its doors.
The suit claims Banks falsely represented the company and lied to Duncan when saying he and other investors would also be pitching in money, per Guillermo Contreras of the San Antonio Express-News. Duncan says he was told fellow NBA star Kevin Garnett would be among the investors.
This is the second lawsuit Duncan has filed against Banks this year. In January, he admitted to losing more than $20 million on investments Banks made on his behalf.
“Luckily I had a long career and made good money,” said Duncan told Scott Soshnick of Bloomberg. “This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any de ...
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Article written by Tyler Conway