Harvey Weinstein sues brother Robert, business associates over $45M loan
Despite his ongoing legal woes, Harvey Weinstein is waging a new court battle over a multimillion-dollar loan he signed in 2016.
The embattled movie mogul, who is awaiting a retrial on his overturned 2020 rape conviction, filed a lawsuit Thursday against his brother Robert and other business associates in New York County Supreme Court, according to court documents obtained Monday by USA TODAY.
In the 22-page complaint, Weinstein claims Robert and his associates at The Weinstein Company committed fraud after he became the guarantor on a $45 million loan from AI International Holdings (BVI) Limited. The Oscar-winning producer alleges funds from the loan were "pilfered and misappropriated for their own uses and benefits, in blatant violation of the loan's intended purpose."
Co-founded by the Weinstein brothers in 2005, The Weinstein Co. was an independent film production and distribution company that helped produce box-office hits such as "Django Unchained," "Silver Linings Playbook," "Inglourious Basterds" and "Paddington." The company filed for bankruptcy in 2018 after numerous allegations of sexual harassment and rape were made against Weinstein.
In addition to his brother Robert, Weinstein is suing Weinstein Co. associates David Glasser, Irwin Reiter and a group of 10 John and Jane Does. Glasser served as chief operating officer, while Reiter worked as the executive vice president of accounting and financial reporting.
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Weinstein, who was "solely liable for repayment" of the loan, is seeking compensatory and punitive damages, as well as injunctive relief to be determined at trial.
The lawsuit comes just three months after Weinstein and his legal team filed a $5 million claim notice against Rikers Island Correctional Facility, Bellevue Hospital and New York City officials, accusing the parties of negligent care in attending to the movie mogul's various health issues while he remains in custody.
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Harvey Weinstein alleges 2016 loan was misused for 'personal purposes'
According to Weinstein's lawsuit, the film producer's brother and business partners had a history of misusing company funds, including the 2016 loan from AI International.
Although funds from the $45 million advance were reportedly solely designated for "legitimate business purposes essential to" The Weinstein Co.'s operations, Weinstein claims "significant portions" of the loan were instead used to pay for "unauthorized and personal purposes, including bonuses, unrelated business ventures, and personal expenses."
Citing past financial records, Weinstein alleges Robert Weinstein "withdrew or received at least $2.2 million in personal advances and loans from The Weinstein Company Holdings LLC, between August 2017 and February 2018," despite mounting fiscal troubles and outstanding "debt obligations."
"These self-serving financial extractions were made while creditors, including AI International, remained unpaid, and the companies faced imminent collapse," the lawsuit states. "The timing and pattern of these payments demonstrate a willful disregard for financial responsibilities, supporting the allegations of fraudulent inducement and misappropriation."
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Weinstein accuses Glasser and Reiter of similar financial misconduct in the complaint. Glasser purportedly "engaged in a systematic pattern of self-enrichment," which allegedly included authorizing a $1 million payment to his father using company funds.
Meanwhile, Reiter — who purportedly had regular access to financial records in his executive role — allegedly failed to prevent "the self-dealing and misappropriations" of loan funds and "actively participated in the approval, facilitation, and concealment of improper financial transactions."
The defendants "wrongfully diverted and misappropriated the loan funds for their own benefit, engaging in a deliberate scheme of self-dealing and mismanagement that left the companies financially drained and unable to meet their obligations," the lawsuit states.
Attorneys for Robert Weinstein, Glasser and Reiter were not available for comment at the time of publication.
Harvey Weinstein calls brother's loan settlement a 'self-serving agreement'
The Weinstein Co.'s inability to pay the AI International loan led to settlement negotiations with the company led by Robert Weinstein and Glasser.
Weinstein alleges in his lawsuit that the settlement, which left him financially responsible for the approximately $30 million total on the loan (including interest), was "conducted with fraudulent and disloyal intentions."
Defendants "reached a self-serving agreement with AI International to settle the debt for a significantly discounted payment of approximately $15 million," the lawsuit states. "Under this settlement, third-party defendants secured a release from liability for the loan while intentionally leaving Weinstein exposed to the full balance of the loan."
Weinstein is in ongoing litigation with AI International in a separate lawsuit after the company filed a complaint seeking to hold him responsible for the loan's repayment.
"Weinstein was wrongfully left solely liable for the loan's repayment when AI International demanded payment," the lawsuit concludes. "Defendants' fraudulent actions have caused Weinstein severe financial damages, as well as reputational harm resulting from their reckless and unlawful conduct."
Contributing: Andrea Mandell, KiMi Robinson and Taijuan Moorman, USA TODAY
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