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NFL player Davis settles lawsuit against financial advisers, businessman
Published April 25, 2011, Page 8
The lawsuit, filed in federal court in New Orleans last year, alleges Davis relied on misrepresentations by financial advisers Michael Rowan and Jason Jernigan to transfer $500,000 out of his bank account for an interest in Teton Air Ranch, a private jet hangar project being built in Idaho by businessman Bryce Karl. The case is of great interest to the NFL player community because many NFL players are, or were, clients of Rowan and Jernigan and have invested in that project or another project, involving oil wells, also run by Karl.
That client list has included Mario Williams, Carnell “Cadillac” Williams, Carlos Rogers and Jonathan Stewart, among others, sources said.
Davis sued Rowan and Jernigan for breach of fiduciary duty, Karl for unjust enrichment, and all three for fraudulent misrepresentation and civil conspiracy, among other things. Rowan and Jernigan’s company, Capital Management Group Wealth Advisors, was also named as a defendant in the lawsuit, which asked for unspecified actual and punitive damages.
Brad Schlotterer, Davis’ attorney, confirmed last week that the case has been settled.
“Craig Davis has come to terms with Bryce Karl, Jason Jernigan and [Capital Management Group], and the case has been settled,” Schlotterer said. “We are in the process now of the defendants fulfilling the terms of the settlement.”
Schlotterer declined further comment.
Terms of the settlement are confidential.
Allen Miller, attorney for Rowan, had no comment. Attempts to reach Jernigan and Karl were unsuccessful.
Jernigan and Rowan are also being sued by New Orleans Saints defensive end Alex Brown in Illinois state court. The lawsuit alleges Brown suffered $4 million in losses in investments, including an investment in a project run by Karl. Karl is not a named defendant in that lawsuit.