Nicolas Cage Slapped With Suit From Former Money Manager

Nicolas Cage Slapped With Suit From Former Money Manager - 11/18/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Nicolas Cage Slapped With Suit From Former Money Manager, Just Weeks After The Hollywood Star Filed A Suit Against Samuel J. Levin Blaming Him For Some $20 Million In Losses, Levin Has Fired Right Back
Staff Writer

Associated Press. November 18, 2009
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EXCERPT: Nicolas Cage is being sued by his former business manager, who claims lavish spending, not his advice, is to blame for the actor's financial problems. Samuel J. Levin filed a countersuit in Beverly Hills on Nov. 12, less than a month after the "National Treasure" star filed a $20 million lawsuit against Levin for fraud and claimed he had led him toward financial ruin. Levin's suit says he tried to warn Cage when he was hired in 2001 that Cage was outspending even his large Hollywood paychecks. He is seeking a declaration that he acted properly, didn't excessively charge Cage for his services, and is owed $129,000 for work he did after he was fired in 2008. The filing states Levin enacted a plan that resulted in Cage selling a dozen automobiles and a $1.6 million comic book collection. Marty Singer, Cage's attorney, said the claims made in the countersuit were absurd. He said it was a breach of privacy for Levin to release details about Cage's asset sales. In addition, Levin has been paid $1.3 million in the past 18 months, Singer said. Cage is facing tough financial times and has been forced to sell some of his property, according to his original court filing against Levin. The Internal Revenue Service has filed more than $6.6 million in tax liens against the actor this year, records show. Levin claims he advised Cage years ago that he would need to earn $30 million a year to maintain his lifestyle. The lawsuit states he warned Cage not to buy [a] castles in England and Bavaria. Referring to Cage by his birth surname of Coppola, Levin's lawsuit states the actor in 2007 alone bought $33 million in property, 22 automobiles and nearly 50 pieces of expensive jewelry, art and other exotic items.

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