People and Pop Culture

Hurricanes Owner Peter Karmanos, Sons Settle Lawsuit Over Handling Of Family Trust

11.16.2016

A lawsuit filed against Hurricanes Owner PETER KARMANOS by his sons over the handling of a family trust has been "settled in mediation," according to Luke DeCock of the Raleigh NEWS & OBSERVER. The parties "agreed to a settlement on Sept. 9, although they will continue to negotiate the details, which are expected to remain confidential, over the next several weeks." Karmanos’ three adult sons alleged he borrowed more than $100M from a trust "set up on their behalf to fund the operations of the Hurricanes, then failed to make" about $4M in "required interest payments on the debt." The case was set to go to trial next August (Raleigh NEWS & OBSERVER, 11/16).

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