Four months after accusing former associates of draining him of at least $175 million, Floyd Mayweather has withdrawn the lawsuit. The dismissal was filed without prejudice, leaving the retired boxing champion free to bring the claims again later.
According to court documents obtained by TMZ, Mayweather notified the New York Supreme Court that he was dropping his case against former investment manager Jona Rechnitz and Ayal Frist. Alexander Seligson and Frist Apex Ventures were also named in the suit.
Mayweather filed the complaint in May, alleging Rechnitz and the other defendants had mishandled enormous amounts of his money over several years. Among his claims was an accusation that roughly $100 million worth of jewelry had been used as collateral for a $13 million loan without his authorization. He also alleged problems involving a private jet and several real estate investments. The defendants denied wrongdoing.
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The Defendants Were Due To Respond
The timing of the withdrawal comes just before Rechnitz and Frist were expected to formally answer the allegations. ESPN reports that their response was due Friday, one day after Mayweather pulled the case.
A source in Rechnitz’s camp told TMZ that the defendants were preparing to submit documents they believed contradicted Mayweather’s allegations. When the suit was first filed, their attorney called the claims “utterly baseless” and said documentary evidence would refute them. Mayweather’s attorney, Leo Jacobs, offered no explanation for the withdrawal, telling ESPN only that his client had decided to dismiss the claims “at this time.”
Dropping this case does not end Mayweather’s other legal disputes. He still has a separate $340 million lawsuit pending against Showtime Networks. As for the allegations against Rechnitz and the other former associates, the dismissal without prejudice means Mayweather has preserved the option of returning to court with them later.
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