A lawsuit filed against Carolina Hurricanes owner Peter Karmanos by his sons over the handling of a family trust has been settled in mediation.
Documents filed with the court clerk in Oakland County, Mich., indicate the parties agreed to a settlement on Sept. 9, although they will continue to negotiate the details, which are expected to remain confidential, over the next several weeks.
While there is still a hearing in the case scheduled for next Wednesday, it only remains on the docket as a procedural matter.
Karmanos’ three adult sons – one of whom, Jason Karmanos, spent several years in the Hurricanes’ front office and now works for the Pittsburgh Penguins – alleged Karmanos borrowed more than $100 million from a trust set up on their behalf to fund the operations of the Hurricanes, then failed to make about $4 million in required interest payments on the debt.
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In April, the brothers demanded repayment of the entire loan plus interest, more than $107 million, then filed the lawsuit when Karmanos did not pay. The case was set to go to trial in August 2017.
Luke DeCock: 919-829-8947, @LukeDeCock