close
close

Buccaneers QB Baker Mayfield is filing a nearly $12 million lawsuit against his father’s company


Buccaneers QB Baker Mayfield is filing a nearly  million lawsuit against his father’s company

Tampa Bay Buccaneers quarterback Baker Mayfield filed a federal lawsuit against a financial company owned by his father, James Mayfield, accusing the company of failing to repay nearly $12 million that was taken without his authorization.

The 29-year-old NFL star filed a civil lawsuit seeking $11.7 million in the U.S. District Court for the Western District of Texas on Friday.

The lawsuit alleges that from 2018 to 2021, Camwood Capital Management Group transferred more than $12 million from Mayfield and his wife to a subsidiary called Texas Contract Manufacturing Group “without his authorization, proper documentation or adequate accounting of the transactions.” have.

Camwood allegedly used the money “however they wanted,” the lawsuit says, including to finance acquisitions or cover general operating costs.

“During the time that Plaintiffs’ funds were funneled to Defendants, Plaintiffs were the primary source of financing and capital for Defendants. In return, plaintiffs received nothing,” the lawsuit states.

When Mayfield learned about it and questioned the company about it, Camwood allegedly avoided Mayfield’s research and “invented fictitious explanations for her actions,” the lawsuit says.

Camwood did not immediately respond to a request for comment from NBC News on Tuesday.

Tampa NBC affiliate WFLA-TV reported that Camwood is owned by James Mayfield and that his son Matt Mayfield – Baker Mayfield’s brother – is involved.

Attempts to reach James Mayfield and Matt Mayfield were unsuccessful. They are not named as defendants but are listed in the lawsuit as members of the company.

In January, Baker Mayfield and the company reached a settlement. Under the agreement, Camwood is required to repay $11.7 million, plus interest, beginning Sept. 30, the lawsuit says. The company also had to refinance an existing loan to free up capital to repay Mayfield and give him access to his books and records, the lawsuit says.

However, the lawsuit accuses Camwood of violating the settlement agreement.

“It is now clear that defendants had no intention of compensating plaintiffs when they entered into the settlement agreement,” the lawsuit says. “To date, Camwood Capital has not repaid even a dollar under the Settlement Agreement, Defendants have failed to refinance their existing loan, and Defendants have not provided Plaintiffs access to their books and records.”

The lawsuit says Mayfield had no choice but to file a lawsuit because Camwood failed to honor the settlement agreement.

Leave a Reply

Your email address will not be published. Required fields are marked *