Adrian Peterson has found himself involved in yet another financial dispute.
Peterson has had a number of issues with money despite earning more than $100 million on the field during his NFL career, and the latest involves a failed investment with Morgan Stanley. While a specific broker was not named, Daniel Kaplan of The Athletic has learned that Peterson has taken Morgan Stanley Wealth Management to arbitration over an investment that went sour. Arbitration is the process that is often used to resolve disputes rather than litigation due to the terms of most contracts and agreements for corporate investment firms like Morgan Stanley.
A spokesperson with Morgan Stanley told Kaplan in an email that the firm is defending against the claims from Peterson and believes the claims are “without merit.” No other details about the case were given, and Peterson’s attorney Chris Carlson declined to comment.
In all likelihood, Peterson is arguing that he was misled or misinformed about an investment opportunity from a broker at Morgan Stanley. It is unfortunately not uncommon for professional athletes to fall victim to bad advice or scams from money managers, though it’s unclear what exactly Peterson is alleging.
This is the latest in a long string of financial issues for Peterson. The All-Pro running back was sued by a Pennsylvania based-lender last year for defaulting on a loan worth more than $5 million, and he allegedly had used some of the money from that loan to pay off another debt stemming from a separate lawsuit in 2007.
