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General News

Peter Angelos’ Sons Drop Lawsuits over Orioles and Family Fortune

BALTIMORE, MD – According to legal documents, “an outside attorney will take over Peter Angelos’ family law firm,” WBALTV 11 News reported.

“The practice was once one of the most powerful law firms in Baltimore, but since the elder Angelos became incapacitated in 2018, it has been the source of bitter infighting among the family,” 11 News reported, adding that “the family, which also owns the Baltimore Orioles, has endured back-and-forth lawsuits between brothers John and Louis Angelos, which have led to some questions about the state of the team.”

The Orioles and Gov. Wes Moore released a statement on February 1 “saying they’ve reached an agreement to fund upgrades at Oriole Park at Camden Yards,” 11 News reported, noting that “however, the Orioles have yet to agree to a lease extension at the park” and “the lease expires at the end of this year.”

Angelos’ sons “agreed to settle their eight-month legal fight over the baseball team, family fortune and law firm,” according to a legal brief filed on February 3, the Baltimore Banner reported, adding that “John and Louis Angelos, along with their mother, Georgia, agreed to dismiss with prejudice ‘all claims, including all counterclaims and defenses.’”

“By dismissing the lawsuits ‘with prejudice,’ the brothers would not be able to refile the same claims against each other,” the Banner reported, noting that “the terms of their settlement were not listed.”

At press time, the attorneys in the case had not responded to requests for comment or had declined to comment while a spokeswoman for the Orioles also declined to comment, the Banner reported.

“The settlement comes after Baltimore County Circuit Judge Keith Truffer ordered the disclosure of financial records related to the team’s ownership group, Baltimore Orioles Limited Partnership, as well as Goldman Sachs,” the Banner reported, adding that “Orioles CEO John Angelos hired the investment bankers to assemble financial information on the team in preparation for a sale, according to court records,” and “last month brought new allegations by Louis Angelos that his brother and mother nearly emptied a $65 million bank account belonging to Peter Angelos and secretly bought more shares of the baseball team at a steeply discounted price.”

“The settlement brings an end to the drama that has gripped one of Baltimore’s more prominent families since last spring,” the Banner reported, pointing out that “Louis Angelos filed a lawsuit in June and accused his brother and mother of trying to push him out of the baseball team and family fortune.”

“Next, Georgia Angelos filed her own suit and accused Louis of schemes to steal his father’s law firm,” the Banner reported, adding that “the subsequent court filings brought escalating allegations, claims that Louis Angelos’ actions amounted to elder abuse and that John Angelos wants to sell the family’s interest in the team,” and “the record grew to hundreds of pages and pulled back the curtain on infighting among the family.”

Greek-American billionaire Peter Angelos, 93, “was the lead investor in a group that bought the Orioles in 1993,” the Banner reported, noting that “he built his legal empire as one of the first attorneys in the United States to take on asbestos litigation, and he represented the state of Maryland in a lawsuit against the tobacco industry that resulted in a $4.4 billion settlement.”

“In 2017, Peter Angelos collapsed due to a failure of his aortic valve,” the Banner reported, adding that “he now experiences advanced dementia, according to court documents.”

“His older son, John Angelos, 55, serves as chairman and CEO of the Orioles” and “younger son, Louis Angelos, 53, took over running the law firm,” the Banner reported, noting that “last month, the Baltimore County judge said he would appoint a conservator to oversee the Law Offices of Peter G. Angelos.”

Orioles fans had feared that the lawsuits would lead to the team being sold, and “in court records, attorneys wrote that Peter Angelos did not believe the family should own the baseball team forever,” the Banner reported, pointing out that “similarly, attorneys for Louis Angelos wrote that John Angelos had become ‘obsessed with the idea of hoarding wealth’ and ‘crazed’ at the prospect of losing the family fortune.”

“John Angelos has publicly repeated that the Orioles will remain in Baltimore ‘as long as Fort McHenry is standing watch over the Inner Harbor,’” the Banner reported, adding that he and Gov. Moore “said they intend to redevelop Camden Yards and ‘deliver a live, work, play theme that will bring residents, businesses, and tourists to downtown Baltimore year-round.’”

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