Baker Mayfield has escalated the legal battle over $12 million allegedly owed to him by the financial firm owned by his father.
Mayfield sued his father’s firm, Camwood Ventures, plus subsidiaries last year over $12 million in funds that went missing.
Mayfield’s father, James W. Mayfield, is the majority owner of Camwood and the quarterback’s brother Matt is also a stakeholder.
Last week, Mayfield and his wife Emily filed a new suit against Camwood in U.S. District Court, claiming the two sides had reached a confidential settlement earlier this year but that the terms have not been fulfilled, according to Texas NBC affiliate KXAN.
The first alleged term of the settlement was for $11.7 million plus interest to be repaid beginning this past September.
Mayfield’s attorneys also claimed that the aforementioned settlement included the refinancing of a loan to help the firm repay him, and access to Camwood’s books.
However, Mayfield’s attorneys claim that the quarterback has not yet received any of the owed money nor received access to the books.
“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,” the suit claimed. “As a result, Plaintiffs have been left with no choice but to file suit for breach of the Settlement Agreement to recover the assets improperly taken from them.”
Mayfield’s lawsuit claimed that Camwood took $12.2 million from him without his knowledge and transferred it to several subsidiaries between 2018 and 2021.
The money, the suit alleges, was used to cover operating expenses of the businesses.
His lawsuit seeks “no less than” $11.74 million — in addition interest, attorney fees and other costs — plus “any other relief that the Court deems just and proper.”
Mayfield is the starting quarterback for the Buccaneers, who have a 5-6 record this season and are one game behind the Falcons for the top record in the NFC South.
