Published June 10, 2013
NEW ORLEANS – New Orleans Saints quarterback Drew Brees has sued a former teammate for allegedly advising him to invest $160,000 in tax credits that turned out to be bogus.
A federal lawsuit filed Monday on Brees' behalf claims former Saints long snapper Kevin Houser mishandled the star quarterback's money and failed to disclose his own financial interests in the investments he was promoting.
Meanwhile, former New Orleans Saints tight end Jeremy Shockey and former Saints defensive coordinator Gary Gibbs reached separate settlements Monday with Houser over the same bogus investment deal. Terms were confidential.
Several teammates and coaches sued Houser for allegedly advising them to invest roughly $2 million to buy nonexistent tax credits from a defunct movie studio.
A lawyer for Houser didn't immediately return a call seeking comment.