Pippen Sues Over Bad Financial Deal

Scottie Pippen: too busy playing to monitor paying

By Jenel Nels
|  Wednesday, Jun 9, 2010  |  Updated 8:00 AM CDT
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Chicago Bulls legend Scottie Pippen headed back to court Tuesday -- the judicial court.

Pippen testified in his malpractice lawsuit against Chicago law firm Pedersen & Houpt because they failed to investigate advice from financial guru Robert Lunn, according to the Sun-Times

Pippen says the firm failed to monitor a $1.35 million Gulfstream jet deal because Lunn said everything was good.  Shortly after the purchase, the 25-year-old jet needed a $1 million engine overhaul. Pippen was also burned on a $3.25 million real estate investment.

Pippen is seeking $8 million from the law firm for poor management.

The defense says Pippen is looking for someone to clean up his mess.

"What the evidence in this case is going to show is that Scottie Pippen is trying to find a scapegoat for a bad business decision -- a number of bad business decisions," said Peter Sullivan, the attorney representing Pedersen & Houpt, according to the Chicago Sun-Times.

In opening statements, Pippen's attorney called the deal a conflict of interest. He suggested past dealings between Pedersen & Houpt and Pippen's financial adviser Robert Lunn may have lead the law firm to rely on Lunn's word, rather than the legwork on the deal.

Pippen acknowledged he never spoke with the law firm during the time of the deal. He said throughout his 13 year NBA career he left the financial decisions up to trusted advisers.

Pippen settled for $1.5 million in a separate suit against Lunn.

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