Posted by Courtney McCardle.
Johnny Depp, a very famous and popular actor filed a lawsuit in the beginning of 2017, as he believed the issue is costing one of his homes. He filed a lawsuit against his own business managers for more than $25 million in a jury- seeking suit. Depp is alleging fraud in breach of contract and professional negligence. The complaint also alleged that the management firm was attempting to foreclose on Depp’s primary home through a loan that was claimed to be from the management company. “In essence, TMG treated Mr. Depp’s income as their own, available to either TMG or third parties to draw upon as desired.”
Depp’s first step was to ask for a restraining order to stop the process of foreclosing the home. When the attorney for TMG was notified of this issue, he sent out a statement saying “For 30 years, Joel and Rob Mandel, and their company The Management Group, have been trusted business managers to some of the most successful individuals and companies in the entertainment business. For 17 of those years, they did everything possible to protect Depp from his irresponsible and profligate spending.” He also said Depp faced financial ruin in December 2012 with a $5 million bank loan. The Mandels loaned him the $5 million and Depp promised to repay by January 2014. By October 2016, Depp allegedly owed $4.2 million and as a result, the Mandels non-judicial foreclosing on some of Depp’s properties.
This lawsuit is an attempt to ruin the foreclosure by changing the actions of his managers. He ended up keeping all of his real estate holdings and was forced to pay back the loan to the Mandels.
Courtney is a business major at the Stillman School of Business, Seton Hall University, Class of 2019.
Source:
http://people.com/movies/johnny-depp-fraud-lawsuit/