777 Partners, which is currently trying to add Everton to its multi-cub portfolio, owned and operated companies which were accused in court of “predatory conduct” for targeting brain damaged former American football players making concussion claims against the NFL.
By Paul Brown and Philippe Auclair
The scheme, which Josimar has been told was the brainchild of managing partner Josh Wander, involved advancing money to victims in return for a percentage of any future settlement.
But contracts signed by 777 companies with claimants were subsequently voided in 2017 by a judge who ruled they broke strict regulations governing the official NFL Concussion Settlement, amid concerns expressed by lawyers that they could lead to retired players being ripped off.
And some at 777 were uncomfortable with the idea, because of the risk that claimants may not be mentally able to make an informed decision, with former employee Gary Chodes counselling strongly against the scheme.
Chodes told Josimar: “In my opinion, because these were players with at least some level of cognitive impairment, they could not be entirely competent to make a financial decision of this kind. They could make a mistake or squander the money or not understand the details. I had great concern that some of them could not make a financial decision of this kind. I felt it was a risk. And I eventually recommended it’s not something that 777 Partners should do.”
The scheme went ahead, with Chodes admitting: “777 took particular interest in it and put together a team to build something around that NFL settlement and do a lot of business. I thought it would be challenging and unsuccessful.”
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