Brian Davis’s lawsuit against Bank of America over the sale of the Washington Commanders had a significant development during a hearing in U.S. District Court on Friday.
Davis’ company Urban Echo Energy sued Bank of America for $500B before reducing the request to $999,000. Davis also wanted the return of its $5.1B transfer deposits made during the Commanders’ sale process.
According to gaming law and sports betting attorney Daniel Wallach, a lawyer representing Bank of America informed the judge that the alleged $5.1B in bank drafts appeared “fictitious.”
“The documents we have in our possession raise considerable concerns about their genuineness,” the Bank of America lawyer told the judge.
With the authenticity of the bank documents in question, Davis’ attorney quickly pivoted to requesting a return of the alleged drafts.
According to Wallach, Davis’s attorney indicated both sides would likely negotiate a resolution by returning the bank drafts and withdrawing its temporary restraining order.
Judge Deborah L. Boardman ordered that both parties file a status report by next Friday. Still, Bank of America may be obligated to report the alleged fake bank drafts to federal regulators, putting Davis and his company in serious legal jeopardy.
Brian Davis had placed a $7.1B bid for the Washington Commanders in March. However, current owner Dan Snyder reached an agreement with a group led by Philadelphia 76ers and New Jersey Devils owner Josh Harris for $6.05B.
Davis had maintained he would not sue in the event of losing out on the sale of the Commanders. However, Davis filed suit through his energy company, claiming Bank of America never made Snyder aware of the bank deposits. Bank of America’s response laminates the possibility as to why the sale moved forward without Davis.
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