Monday, October 7, 2013

Former 'Canes coach Laviolette sues Bank of America

Former Carolina Hurricanes head coach Peter Laviolette has sued Bank of America alleging the Charlotte bank gave fraudulent advice, the Philadelphia Daily News reports

The suit says the bank approached the Laviolettes soon after the Hurricanes won the Stanley Cup in 2006, telling him he should take out high-interest loans off the equity of his three homes in Raleigh and Florida, and put the money into high-risk investments. The bank allegedly told him this would be a way to make a bunch of money with low risk. Obviously this didn't work out, and now he wants $3 million and the loans rescinded.

We sent this news out in this morning's Bank Watch Morning Report newsletter. Since then, more bad news for Laviolette -- he's been fired as head coach of the Flyers.

***Sign up for our morning email newsletter -- the Bank Watch Morning Report. Find out more here.***

Read more here: