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The new suit is the latest salvo in a growing legal battle over Petty's assets.
In a new escalation of the ongoing legal battle between Tom Petty's widow Dana York Petty and his daughters Adria Petty and Annakim Violet, an action brought in Los Angeles County Court Wednesday (May 15) accuses Dana and several other defendants of breach of fiduciary duty, unfair competition, unjust enrichment and more.
Filed on behalf of the plaintiff Petty Unlimited – an LLC established in Petty's will that allocated one-third of Petty's assets to each of the three women – the complaint alleges "insider trading, theft and mismanagement blatant assets of the company "on Dana party by failing to fund the LLC with assets of Petty Trust, for which she was previously named" trustee officer ".
According to the new lawsuit, Dana would have created a separate LLC, Tom Petty Legacy, "as a way to deprive" Petty Unlimited of these assets. He further alleges that the jointly named defendants, who understand Lawrence N. Jenkins, Anthony Dimitriades, Alan Arora, the company LJ Entertainment LLC and unnamed individuals named "Done 1-50" – have worked "in collaboration with" Dana to achieve this goal. The lawsuit thus claims to have violated California's common law against unfair competition as well as section 17200 of the State's Code of Business and Professions.
"Tom Petty wanted his music and inheritance to be controlled equally by his daughters, Adria and Annakim, and his wife, Dana," said Petty Unlimited's attorney. Alex Weingarten in a statement to Display panel. "Dana refused Tom's express wishes and insisted on diverting the work of his life for his own selfish interests. After countless efforts to solve this problem amicably and out of court, we could no longer remain inactive in front of Dana who did not respect Tom's wishes, his music and his legacy. "
Petty Unlimited seeks compensatory damages "in excess of" $ 5 million based on the evidence at trial, punitive and exemplary damages, Petty's recovery of assets from Dana and the establishment of a "Constructive trust" in favor of plaintiff on assets "in the possession of the accused. In addition, the plaintiff seeks an injunction barring all defendants and "persons acting in concert with them" from interfering with the plaintiff's "business opportunities" with respect to Petty's assets.
"This misplaced and baseless pursuit unfortunately shows exactly why Tom Petty designated his wife as the sole trustee entitled to manage his property," said Dana Petty's lawyer. Adam Streisand in response to the pursuit. "Dana will not let destructive nonsense like this distract her from protecting her husband's legacy."
Adria and Annakim are not individually named as plaintiffs in the new trial.
Wednesday's lawsuit follows a petition filed by Dana Petty in early April that accused Adria and Annakim of trying to thwart her role as trustee, making the management of Petty's estate nearly impossible. In this lawsuit, Dana called for the establishment of an operating agreement requiring a consensus among the three women on any major decisions regarding Petty's assets. She also accused Adria of "erratic behavior" that would have delayed the release of two posthumous albums featuring Petty's music.
Around the same time, Adria filed its own petition accusing Dana of trying to prevent her and Annakim from "participating[ing] also in managing their father's estate by neglecting to allocate his assets in Petty Unlimited LLC. Adria asked the court to order the immediate funding of the LLC.
This new lawsuit indicates that Petty Unlimited was created to own and operate "all tangible and intangible property owned directly or indirectly by Tom Petty at the time of his death and attributable to his efforts for his music," including all his property. rights as an artist, composer, publisher and producer on master recordings, musical compositions, musical instruments, derivative products, trademarks, etc. Petty Unlimited alleges that by failing to fund the LLC, Dana "takes advantage" of its business opportunities to tap Petty's assets for "her personal advantage and advantage".
Tom Petty died on October 2, 2017 as a result of an accidental drug overdose. He was 66 years old.
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