Johnny Depp Sues Business Managers for $25 Million, Claims He "Lost Tens of Millions of Dollars"

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Mr. Depp is one of the most sought after and highly paid actors in the world, attorney Matthew Kanny said in the complaint, according to Variety. He is also the victim of the gross misconduct of his business managers The Management Group and attorneys Joel and Robert Mandel who collected tens of millions of dollars of contingent fees, purportedly based on an oral contract, all at Mr. Depps expense.

Johnny Depp attends the "Lone Ranger" Japan premiere. Atsushi Tomura/Getty Images

The Pirates of the Caribbean actor also alleges in the court documents that TMGs self-dealing was so extensive that he has had to sell off some of his assets in order to cover the losses. His filing details a request for jury trial and a payment of at least $25 million in damages.

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Like many successful artists who depend on financial professionals to advise them, Mr. Depp trusted and reasonably relied on TMG to handle his financial and certain legal affairs and to ensure that he and his family would have a financially secure future, built upon the foundation of the substantial moneys Mr. Depp earned through years of hard work, the complaint reads. But instead, as a result of years of gross mismanagement and at times, outright fraud, Mr. Depp lost tens of millions of dollars and has been forced to dispose of significant assets to pay for TMGs self-dealing and gross misconduct.

In response to depps claims, michael kump, an attorney for TMG and the Mandels, issued a statement Friday claiming that the lawsuit was a transparent attempt to derail the foreclosure by concocting and spreading malicious lies. Kump also said Depps financial struggles were brought about by his own irresponsible and profligate spending.

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His tactics and lawsuit will fail, and he will be forced to pay back the loan as promised, Kump added, referring to a $5 million loan the Mandels allegedly used to bail the Hollywood star out of trouble back in December 2012. According to the attorney, Depp promised to pay back the money by January 2014 but failed to do so.

Depps lawsuit filing comes hot on the heels of news that his and ex-wife Amber Heards divorce has been finalized after an eight month-process. It is a great day. All Amber wanted was to be divorced and now she is, the 30-year-old actress attorney, Pierce ODonnell, told Us. In the words of Gerald Ford, Our long national nightmare is over.

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Source: http://www.usmagazine.com/celebrity-news/news/johnny-depp-sues-business-managers-for-25-million-over-gross-misconduct-w461147