*Banking company, BB&T’s legal battle with a group of former and current NFL players has reached a conclusion.
Triad Business Journal reports that the multi-million dollar case was recently dismissed shortly after both sides reached a confidential settlement. The case stems from a relationship between the players and BankAtlantic, a company BB&T purchased in 2012.
The players accused BankAtlantic of allowing Pro Sports Financial, an outside financial management firm, to open new accounts in the names of the players using forged signatures, the Journal notes while mentioning that the players’ claims centered on the withdrawal of nearly $53 million from 16 current and former NFL players. Among the accounts highlighted, the ongoing legal dispute are those belonging to six players, including Ray Lewis, Derrick Gaffney and Clinton Portis.
Despite BB&T stating the players failed to prove that BankAtlantic was aware of the fraud, it’s motion to dismiss the case was denied. As a result, efforts to move forward with a jury trial involving Lewis, Gaffney and Portis were underway with the jury trial beginning this week.
With the case now settled, the trial is a nonissue. The other three plaintiffs in the case — Santana Moss, Lito Sheppard and Fred Taylor — were scheduled to have the court hear their claims in the nonjury trial at a later date, according to the Journal, which mentioned that three other plaintiffs had already reached settlements with BB&T.
“Both parties are pleased to resolve this matter,” BB&T said in a statement. “We have decided to keep the terms of our settlement confidential and cannot comment further.”