Federal Judge Issues Split Decision in Tim Duncan Lawsuit Ruling
Tim Duncan of St. Croix
SAN ANTONIO – A federal judge has issued a split ruling in a lawsuit St. Croix native Tim Duncan filed against his former financial adviser.
U.S. District Judge Xavier Rodriguez agreed with adviser Charles Banks that three funds Duncan invested in must be litigated in arbitration, and that claims over a $7.5 million investment loan Duncan provided should be moved to Colorado.
The judge denied Banks request to have all other claims go to arbitration. The judge said in his 33-page ruling that the remaining claims, mostly those involving Duncan’s investments before 2007, should stay in federal court in San Antonio.
“The court orders Duncan to file an amended complaint specifying with particularity which of the other investments — Capital Management, Properties Athlon Venture Fund, Dawson Real Estate Fund, LeMetier, etc. — Duncan has remaining claims under, once the claims regarding Hotel Fund I, Hotel Fund II, and the Winery Fund have been sent to arbitration and the claims related to the Gameday note have been transferred to Colorado.”
Duncan hired Banks during his rookie season with the Spurs while Banks was with CSI Capital Management. Banks left that company in 2007 and went on to be founder and managing partner of Terroir Capital LLC.
Duncan invested in some ventures while Banks was at CSI, and he got Duncan to invest in his hotel and winery ventures after leaving CSI, records show.
The judge said in his ruling that the two hotel funds and the winery fund must go to arbitration, as agreed to in the contracts.
The judge also said papers involving Gameday Entertainment show Duncan agreed to have any disputes arising over that investment loan should be litigated in the courts in Colorado, where Gameday is based.