Tampa Bay Buccaneers quarterback Baker Mayfield is suing his father’s investment firm for $12 million.
Mayfield’s lawyers claim that his father’s company, Camwood Capital Management Group, “materially breached” a settlement agreement. The January 2024 settlement came after a years-long financial dispute within the family.
The NFL player, his wife Emily Mayfield, and their company Team BRM are accusing Camwood Capital, his father’s firm, of breaching a settlement agreement “by failing to satisfy its repayment obligations”, the complaint states.
James and Matt Mayfield, the quarterback’s father and brother, respectively are members of the investment firm.
Camwood Capital, based in Austin, Texas, transferred more than $12 million of Mayfield’s assets from 2018 to 2021 “without authorization, proper documentation, or adequate accounting of the transactions,” the filing says. Those funds were taken “with an apparent belief by Defendants that they need not be repaid.”
In January 2023, both sides entered into a settlement agreement for Camwood to repay Mayfield.
The terms of the agreement were allegedly three-fold: Camwood Capital was obligated to pay more than $11.7 million according to a schedule starting on September 30, 2024, to refinance an existing loan to help in repaying Mayfield; and to give Mayfield access to Camwood Capital’s books and records.
“To date, Camwood Capital has not repaid even one dollar under the Settlement Agreement, Defendants have failed to refinance their existing loan, and Defendants have not provided Plaintiffs with access to their books and records (continuing a pattern and practice of preventing Plaintiffs from accessing pertinent information),” the suit says.
Texas Contract Manufacturing Group, Unitech Tool & Machine, Apex Machining, and Lor-Van Manufacturing are also listed as defendants.
The plaintiffs are seeking $11,741,000.00 plus interest as well as the cost of attorneys’ fees.
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