Tim Duncan has been repaid $7.5 million of the more than $20 million he claims to have lost in bad investments coaxed by former adviser Charles Banks IV, the San Antonio Express-News reported.
The settlement ends a legal battle that’s lasted nearly two years.
“I wouldn’t say this makes him whole,” said Richard C. Danysh, one of Duncan’s attorneys. “But given the amount of time expended by Mr. Duncan and his lawyers and the courts, the amount of money spent chasing this fellow, and Mr. Banks’ statements that he doesn’t have any (more) money, it seemed like the wise thing to do — bring it to a conclusion.”
Duncan alleged Banks of conning him into a $1.1 million investment in a now-defunct cosmetics company and $13.5 million into the Banks-led sports merchandising company Gameday, which folded last year.
Banks has been imprisoned since June when he was sentenced to four years in federal prison for wire fraud.
Duncan made 15 All-Star teams and more than $240 million in salary (according to basketball-reference.com) during his 19-year career with the Spurs.
