Man Claims Magic Johnson Stole His Pre-Paid Celebrity Credit Card Idea
Magic Johnson and principle owners of OneWest Bank, George Soros and Michael Dell, are involved in a lawsuit for stealing a prepaid Magic-backed credit card concept. Entrepreneur Reed Wallace claims Johnson stabbed him in the back and did a deal with OneWest while Johnson already had a deal with Wallace’s Celebrity Cards International business.
“We want to know what [Soros and Dell] know and when they knew it,” Wallace told Page Six. “Did Magic inform them or not [that he had a deal with Celebrity Cards International]? I’m a little guy. I’ve poured everything I had into this [venture]. How can I have enough money to fight these billionaires?”
Page six reported that Wallace is trying to claim trademark infringement, unfair competition and other charges. Wallace stated that his idea sold 2,000 when it fell in 2004 while OneWest sold 30,000, equating to $3.6 million per year in profit.
Johnson has denied the claims and has filed counterclaim.
Rule number one when you are doing business… have everything, agreement and all, in writing! Or else, you will end up like Johnson and Wallace in court.