The sons of Baltimore Orioles owner Peter Angelos have agreed to settle their eight-month legal fight over the baseball team, family fortune and law firm.
In a brief motion filed Friday, John and Louis Angelos, along with their mother, Georgia, agreed to dismiss with prejudice “all claims, including all counterclaims and defenses.”
By dismissing the lawsuits “with prejudice,” the brothers would not be able to refile the same claims against each other. The terms of their settlement were not listed.
Attorneys involved in the case either declined to comment or did not respond to messages Monday. A spokeswoman for the Orioles declined to comment.
The settlement comes after Baltimore County Circuit Judge Keith Truffer ordered the disclosure of financial records related to the team’s ownership group, Baltimore Orioles Limited Partnership, as well as Goldman Sachs.
Orioles CEO John Angelos hired the investment bankers to assemble financial information on the team in preparation for a sale, according to court records. Last month brought new allegations by Louis Angelos that his brother and mother nearly emptied a $65 million bank account belonging to Peter Angelos and secretly bought more shares of the baseball team at a steeply discounted price.
The settlement brings an end to the drama that has gripped one of Baltimore’s more prominent families since last spring. Louis Angelos filed a lawsuit in June and accused his brother and mother of trying to push him out of the baseball team and family fortune.
Next, Georgia Angelos filed her own suit and accused Louis of schemes to steal his father’s law firm. The subsequent court filings brought escalating allegations, claims that Louis Angelos’ actions amounted to elder abuse and that John Angelos wants to sell the family’s interest in the team. The record grew to hundreds of pages and pulled back the curtain on infighting among the family.
Peter Angelos, 93, is a billionaire who was the lead investor in a group that bought the Orioles in 1993. He built his legal empire as one of the first attorneys in the United States to take on asbestos litigation, and he represented the state of Maryland in a lawsuit against the tobacco industry that resulted in a $4.4 billion settlement.
In 2017, Peter Angelos collapsed due to a failure of his aortic valve. He now experiences advanced dementia, according to court documents.
His older son, John Angelos, 55, serves as chairman and CEO of the Orioles. His younger son, Louis Angelos, 53, took over running the law firm.
Last month, the Baltimore County judge said he would appoint a conservator to oversee the Law Offices of Peter G. Angelos.
The lawsuits fueled speculation and concern among fans that the Orioles might be sold. In court records, attorneys wrote that Peter Angelos did not believe the family should own the baseball team forever. Similarly, attorneys for Louis Angelos wrote that John Angelos had become “obsessed with the idea of hoarding wealth” and “crazed” at the prospect of losing the family fortune.
John Angelos has publicly repeated that the Orioles will remain in Baltimore “as long as Fort McHenry is standing watch over the Inner Harbor.”
Meanwhile, the Orioles decided last week not to accept a five-year lease extension at Camden Yards. That decision leaves the team with no lease beyond this year.
Gov. Wes Moore and John Angelos said they intend to redevelop Camden Yards and “deliver a live, work, play theme that will bring residents, businesses, and tourists to downtown Baltimore year-round.” That will require additional negotiating over a new lease in the coming months.