Thursday, November 4, 2004
It was bad enough for basketball player Vince Carter to see his agent go to prison for money laundering and fraud after taking millions from clients. But now the Toronto Raptors player will have to pay the man—William “Tank” Black, who is still in prison—another $4.7 million. A South Carolina jury found that Carter breached his contract with Black by terminating it in 2000 while Black was suffering “legal problems.” The compensation is for commissions on endorsements that Black negotiated for Carter.
One part of the case of particular interest to contracts profs is a deal that Black negotiated for Carter with a shoe company, Puma. Carter stopped wearing the shoes because they hurt his feet, and had to pay $3 million buyout fee to get out of the contract. He blamed Black for negligently failing to negotiate an escape clause on the contract if the shoes proved unsatisfactory.