1 Updates
NFL: Vikings Owners Ordered to Pay $84.5 M Over Real Estate Fraud
Photo Credit: Getty Images

NFL: Vikings Owners Ordered to Pay $84.5 M Over Real Estate Fraud

Sep 24 2013, 12:05am CDT | by

Minnesota Vikings owners Zygi and Mark Wilf as well as their cousin Leonard were all ordered to pay $84.5 million over a real estate fraud case in New Jersey which transpired in the 1980s,

Minnesota Vikings owners Zygi and Mark Wilf as well as their cousin Leonard Wilf will soon be $84.5 million poorer.  Corey Mitchell of the Minneapolis Star Tribune writes the Wilfs were ordered by a...

Filed under: news

YouTube Videos

 
 
 

1 year ago

NFL: Vikings Owners Ordered to Pay $84.5 M Over Real Estate Fraud

Sep 24 2013, 12:05am CDT | by

NFL: Vikings Owners Ordered to Pay $84.5 M Over Real Estate Fraud Photo Credit: Getty Images

Minnesota Vikings owners Zygi and Mark Wilf as well as their cousin Leonard were all ordered to pay $84.5 million over a real estate fraud case in New Jersey which transpired in the 1980s,

Minnesota Vikings owners Zygi and Mark Wilf as well as their cousin Leonard Wilf will soon be $84.5 million poorer. 

Corey Mitchell of the Minneapolis Star Tribune writes the Wilfs were ordered by a New Jersey judge to pay the amount to their former business partners as a result of a real estate fraud case in the 1980s.  

Mitchell offered precise details of the matter. 

"The ruling covers compensatory and punitive damages to plaintiffs Josef Halpern and Ada Reichmann.

"The damages awarded Monday did not include requests for more than $16 million in plaintiff's attorney and accounting fees, which could push the damages awarded to more than $100 million." 

Judge Deanne Wilson ruled that the Wilfs committed fraud, breach of contract and breach of fiduciary duty. They were also determined to have violated New Jersey's racketeering laws. 

Halpern's lawyer, Alan Lebensfeld, said,"What the Wilfs did in this case was abominable. They are sophisticated businessmen and they took advantage of my client." 

Shelby Capacio of My Fox 9 of Minneapolis-St. Paul points out that Zgyi Wilf, whom Judge Wilson determined to have demonstrated "bad faith and evil motive" in the Associated Press report, was ordered to shoulder 60 percent of the penalty, which comes down to an estimated $50 million. She also adds New Jersey state law requires the case be processed for a criminal investigation

Her report also indicates the Wilfs' lawyers do not agree with the ruling and plan to file an appeal, which takes two to three years to process. 

Regarding the $84.5 million lawsuit's impact on a new stadium for the Vikings which is slated for groundbreaking in November 2016, Mitchell cites an audit conducted in early September 2013 reveals "The Wilfs have enough money to cover their share, roughly $477 million." 

The Wilfs' attorney, Peter Harvey, did not divulge details of his clients' reaction when they found out about the lawsuit. He also added funding for the new stadium will not be affected regardless of Judge Wilson's decision. 

"The good news here, aside from the fact we believe this decision will not stand on appeal, is nothing that the judge has decided will impact stadium construction." 

In spite of their team's owners getting slapped with a huge lawsut, Vikings fans can still be satisfied with the status of their new stadium.

 

 

Don't miss ...

 


Poch de la Rosa follows all major U.S. sports: NFL, MLB, NBA, NHL and the NCAA. His favorite teams are the Colts, Braves, Pacers, Sharks and Irish, respectively.

 

blog comments powered by Disqus

Latest stories

Koji Uerhara Signs 2-Year, $18M Deal With Boston Red Sox
Koji Uerhara Signs 2-Year, $18M Deal With Boston Red Sox
The Boston Red Sox signed closer Koji Uerhara to a two-year, $18 million deal on Oct. 30.
 
 
Lahiri hoping for memorable debut at WGC-HSBC Champions
Shanghai, Oct 31 (IANS) India's Anirban Lahiri will be hoping for a memorable debut when he takes his place among the game's elite at next week's $8.5 million WGC-HSBC Champions.
 
 
Corinthians, Fluminense to meet Bundesliga pair in Florida Cup
Rio de Janeiro, Oct 31 (IANS) Brazilian football clubs Corinthians and Fluminense will compete against Germany's Bayer Leverkusen and FC Koln in the Florida Cup in January.
 
 
Rio launches Olympic stadium tender
Rio de Janeiro, Oct 31 (IANS) Rio de Janeiro has launched a tender for a 52 million-real (about $21.8 million) revamp of the city's 2016 Olympic athletics stadium.
 
 
 

Latest from the Network

Joshua Jackson calls Diane Kruger his wife
Joshua Jackson calls Diane Kruger his wife. The 'Affair' star, who previously admitted he and his German girlfriend of eight years are unlikely to ever marry, doesn't like referring to the blonde beauty as his...
Read more on Celebrity Balla
 
Paris Hilton dresses up as her dog for Halloween
Paris Hilton dressed up as her Pomeranian pooch for her Halloween party last night (30.10.14). The 33-year-old star sported a fluffy white minidress and matching headgear, which looked like the fur of her $13,000 puppy...
Read more on Celebrity Balla
 
Saudi Arabia facing high child sex abuse: Studies
Riyadh, Oct 31 (IANS) Some studies in Saudi Arabia have revealed that the rate of children's sexual abuse in the Kingdom is alarmingly high with every fourth child having been exposed to sexual harassment at some point...
Read more on Celebrity Balla
 
30 killed in Nigeria car bomb attack
Nairobi, Oct 31 (EFE) At least 30 people were killed Friday when a car bomb exploded in a crowded bus station in the northeastern Nigerian state of Gombe, the National Emergency Management Agency (NEMA) told media....
Read more on Politics Balla
 
Vodka thief locked in supermarket freezer
St. Petersburg, Oct 31 (IANS/TASS) A woman suspected of stealing a bottle of vodka spent an hour locked in a freezer in a supermarket in the Russian city of St. Petersburg, a local police spokesman said Friday. The...
Read more on Politics Balla
 
Indian Navy ships reach Mauritius
Port Louis (Mauritius), Oct 31 (IANS) On a two-month-long overseas deployment, Indian naval ships Mumbai, Talwar and Deepak arrived in Port Louis, the capital of Mauritius, Friday, a statement said. Under the Command...
Read more on Politics Balla
 
Moscow airport chief engineer charged over French jet crash
Moscow, Oct 31 (IANS/TASS) The Russian Investigative Committee Friday charged a third person in the criminal case over the crash of a French Falcon jet in which France's energy giant Total CEO Christophe de Margerie...
Read more on Politics Balla
 
Bhopal fugitive Warren Anderson is dead (Roundup, Changing dateline)
Washington, Oct 31 (IANS) Warren Anderson, the former CEO of Union Carbide Corp, has died at 92 after living for 30 years under the shadow of the 1984 Bhopal gas tragedy that killed thousands. The death of the man...
Read more on Politics Balla
 
Taylor Swift not looking for love
Los Angeles, Oct 31 (IANS) Love and romance are not a priority for singer Taylor Swift. She says she isn't interested in dating anyone right now. Swift seems to be at peace with her life, and she doesn't enjoy it when...
Read more on Celebrity Balla
 
Sit-ins delayed building powerhouses: Nawaz Sharif
Islamabad, Oct 31 (IANS) Prime Minister Nawaz Sharif Friday blamed sit-ins for delaying the construction of powerhouses in the country, as cricketer-turned-politician Imran Khan continued protesting with supporters in...
Read more on Politics Balla