Thursday, September 15, 2011

Atlanta Spirit Settles Lawsuit

If you'll recall, the Atlanta Spirit Group filed suit against their former attorneys at super-firm King and Spalding alleging legal malpractice. The crux of the issue was that the language built into the contract to form the ASG and subsequently purchase the Atlanta Thrashers and Hawks was faulty in that it didn't allow for easy departure of one member of the group. The departure of Steve Belkin then lead to ambiguities over how and even whether the ASG could legally sell either one of the teams.

As was almost inevitable in a case involving this much money and the reputation of one of the biggest law firms in the country, the parties have decided to settle their dispute out of court.

The article doesn't detail the settlement, but does say that the ASG had been seeking over $130 million in damages and over $14.5 million in attorney's fees.