Shia LaBeouf Wins $800k Lawsuit Against UncleBy: Lindsay McCane - March 4, 2014
Transformers star Shia LaBeouf won a lawsuit, on Wednesday, after a judge ruled that his uncle Barry Saide must pay back a loan from 2009.
Manhattan Supreme Court Justice Eileen Bransten declared that Saide must pay LaBouf the $800,000 that he borrowed when he fell on hard times five years ago. Saide has argued that LaBeouf should accept the interest from his four companies, that were used as collateral for the loan, instead of cash.
“The terms of the note are clear and the amount due and owing … is forth in the note,” Bransten wrote in her decision. Saide originally agreed to pay LaBeouf back in fifteen installments of $53,333, however he failed to make any payments.
After LaBeouf filed the suit last year, Bransten encouraged them to try to settle the matter without taking it to court. She said that it would be better for the family. However, LaBeouf and Saide could not come to an agreement, and the lawsuit proceeded.
“Had I thought that Shayne [LaBeouf’s mother] and Shia would take this extraordinary step and seek to impoverish me, I never would have borrowed a dollar from Shia,” Saide reportedly said in an affidavit. He also claimed that he helped take care of LaBeouf and his mother before Shia became famous.
Bransten has ordered Saide to pay back the entire lump sum plus nine percent interest, along with attorney’s fees.
Image via Wikimedia Commons