Former NBA star Kevin Garnett has reportedly dropped his $77 million lawsuit against his former accountants, according to a report by The Blast. Garnett, 43, filed suit against Michael Wertheim in September of 2018, alleging that his former accountant aided wealth manager Charles A. Banks IV in taking approximately $77M of KG's money over the years.
The Blast reports that Garnett and the accounting firm Welenken CPAs ultimately reached a deal that will bring the lawsuit to a close, although the terms were not disclosed.
"According to court documents obtained by The Blast, Garnett and the accounting firm Welenken CPAs have reached a deal that will end the lawsuit. According to their deal, all claims against the other will be dismissed and the case will be officially closed."
https://twitter.com/_/status/1148323231453143040
According to TMZ, Garnett's lawsuit stated that Wertheim and Banks urged the NBA legend to live on a budget, just so they could have more of his money to play around with.
Per TMZ:
"One example ... in August 2013, Garnett claims he asked his wealth manager to wire him $40,000 of his own money -- but was scolded for exceeding their budget. Meanwhile, KG claims the wealth manager took more than $2 MILLION for himself over an 8-day span."
Banks, one of the men accused of stealing millions from KG, was sentenced to four years in prison last year as a result of similar tactics used against Tim Duncan. Garnett's accountant, Michael Wertheim, reportedly knew all about the shady dealings but didn't do anything to prevent it.
