San Diego, CA—A California judge has ruled that a lawsuit involving fraudulent investment diamond appraisals can move forward.
Drew Brees, the renowned quarterback of the New Orleans Saints NFL football team, has sued a California jeweler over the value of diamonds sold to him and his wife as an investment. On April 29, San Diego Superior Court Judge Kenneth J. Mendel ruled there is sufficient evidence of wrongdoing to move ahead to trial, says a report in the New Orleans Times-Picayune. (Left: Brees warming up before a game against the Minnesota Vikings. Image: NOLA.com)
Brees and his wife, Brittany, filed suit a year ago against Vahid Moradi of CJ Charles Jewelers in La Jolla, CA, claiming fraud and breach of fiduciary duty. At issue are multiple large colored diamond jewelry pieces purchased as far back as 2012. The Breeses say they paid about $15 million [total] for the various pieces but later appraisals valued them at about $6 million; $9 million less than they paid. They’re seeking $9 million in damages.