Miami Heat star Dwayne Wade has settled a $25 million lawsuit over a breach-of-contract lawsuit involving failed plans for a chain of sports-theme restaurants. Not surprisingly, the exact amount of the settlement was not revealed by either party.
The settlement came after a trial, which is also not unusual. Both sides appeared to be pleased about the terms of the settlement.
There were actually four lawsuits between Dwyane Wade and Mark Rodberg and Lauren Hollander. Most of the lawsuits involved Rodberg and Hollander as plaintiffs.
According to the Miami Herald,
Rodberg and Hollander accused Wade of breaching the terms of the contract for a chain of sports-themed restaurants bearing Wade’s name and likeness when they wouldn’t increase the 12 percent stake held by Wade and business associate Marcus Andrews.
When another partner, Richard von Houtman, didn’t meet his obligations, the plaintiffs say, Wade and Andrews wanted 30 percent. Only two of the restaurants opened. Neither survived long.
They also accused Wade of not following through on a deal to license his name to two charter schools.
A fourth suit involved Wade’s ability to control the use of his likeness and name.
A fifth suit, a defamation suit filed by Wade against von Houtman, wasn’t part of the settlement.
If you have any questions regarding breach-of-contract cases in New York, contact me at the Law Office of Frederic R. Abramson at 212-233-0666.