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NFL | NFLPA countersuing players over money lost in hedge fund

Harry R. Weber, of The Associated Press, reports the National Football League Players Association is countersuing six former and current players including Steve Atwater, Ray Crockett, Al Smith, Blaine Bishop, Carlos Emmons and Clyde Simmons, who are seeking to hold the union and NFL liable for millions of dollars they lost in an alleged fraud scheme. The players filed a lawsuit last June against the league and the union for over $20 million they lost by investing their money with a hedge fund manager that they say was endorsed by the union. Kirk Wright, the fund manager of International Management Associates, was arrested in Florida last May on federal fraud charges and is awaiting trial. According to authorities, Wright and his company collected as much as $185 million from at least 500 investors since 1997 and used false statements and documents in misleading investors to believe the value of those investments was increasing. The majority of that money is now missing. The countersuit claims the players violated a provision in union regulations that says the union does not endorse any of its registered financial advisers and is not responsible for the skill, honesty or competence of any registered adviser.

2007-05-01 10:45:44 | Source:

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