San Antonio Spurs star Tim Duncan files million-dollar lawsuit in Bexar County court

Click through the slideshow to see interesting facts about the San Antonio favorite and basketball All-Star. Click through the slideshow to see interesting facts about the San Antonio favorite and basketball All-Star. Photo: File Photo: File Image 1 of / 41 Caption Close San Antonio Spurs star Tim Duncan files million-dollar lawsuit in Bexar County court 1 / 41 Back to Gallery

SAN ANTONIO — San Antonio Spurs star Tim Duncan has filed a lawsuit in Bexar County against a longtime “personal and financial advisor” in which he’s seeking more than $1 million in damages.

The suit, filed Thursday evening, says defendant Charles Banks of Atlanta, Georgia, was a sports industry executive who Duncan met during his rookie year. Banks later took financial advantage of the friendship that developed, the suit alleges.

“Over the years (Duncan) has had substantial success in his field both professionally and financially,” plaintiffs’ attorney Richard Danysh wrote of his client. “However, recognizing that an athlete's earning years are relatively limited, Duncan wanted to invest his earnings prudently and wisely in order to ensure a secure future for his family and provide for his ability to contribute to his community.”

As a result, the suit states, Duncan made several investments in the hotel, beauty products, sports merchandise and wine industries “at the instance of Banks.” He also was persuaded by Banks to give Gameday Entertainment LLC a $7.5 million loan, the lawsuit states. Banks was the chairman of the company.

“Unfortunately, while Banks was willing to use his position with Gameday to secure payments for himself, he was not willing to ensure that Duncan's interests were protected,” the lawsuit states.

Banks has not yet had an opportunity to respond to the allegations in court documents.

"Banks also encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls," the lawsuit states. "Banks has used these wineries and funds to secure substantial income for himself, but they have yet to return much, if anything, to Duncan. Needless to say, Duncan would not have invested his family's financial future in these wineries and funds if Banks had advised him that they would be operated for Banks' benefit and to the detriment of Duncan and the other investors."

Duncan was named to the NBA All-Star game for the 15th time on Thursday and is selling a $1.2 million home in Spicewood.

For more on this story, including an interview with defendant Charles Banks, read the Saturday print edition of the San Antonio Express-News or click here.

mcasady@express-news.net