Rocky Mountain News – The former Denver Broncos players suing International Management Associates have new teammates in their legal battle against the hedge fund firm.
More than 15 people across the country, likely some in Colorado, are expected to file their own lawsuit today or Thursday, said Glenn Delk, their attorney.
The allegations are similar to the ones leveled in the case brought by Steve Atwater, Terrell Davis, Ray Crockett and Rod Smith. The former Broncos and Smith, a wide receiver, accused International Management of fraud, forgery and failing to return their money.
The additional plaintiffs invested about $30 million in the Atlanta hedge funds, Delk said, and it’s unclear whether the money is still there. A court-appointed receiver and the Securities and Exchange Commission are having trouble locating the assets, said Delk, also based in Atlanta.
“We are at the very beginning of what may turn out to be a very sad case for a number of people,” he said in a telephone interview Tuesday.
Delk estimated that the combined group of investors behind the civil charges is thought to have at least $80 million invested with the firm. None of the investors he represents is a current or former professional football player, he said.
