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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Entertainment > Article Home Business & Finance News U.S. Politics International Technology Entertainment Film Music People Television Arts Industry Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Nicolas Cage sues ex-manager for "financial ruin" Fri Oct 16, 2009 11:02pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] LOS ANGELES (Reuters) - Actor Nicolas Cage filed a $20 million lawsuit against his former business manager on Friday, accusing him of negligence and fraud that sent the "National Treasure" star "down a path toward financial ruin." Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments "resulting in (the actor) suffering catastrophic losses." In a lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com, Cage said he had now been forced to "sell major assets and investments at a significant loss" because of the actions of his business advisor and accountant over the past seven years. The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with banks. The former business manager, Samuel Levin, could not be reached for comment on Friday. Cage, 45, is one of Hollywood's most prolific actors with more than 50 movies to his name, including an Oscar-winning role as an alcoholic in "Leaving Las Vegas" and action movies such as "Face/Off" and "Gone in Sixty Seconds". Cage earned some $40 million last year according to Forbes.com and has six movies expected to hit theaters in the next two years. He was recently hit with a claim for $6.6 million dollars in back income taxes, interest and penalties by U.S. authorities. Cage said he did not realize the extent of his problems until September 2008 when he hired a new business manager. He asked for $20 million in damages, saying that his reputation has been "irreparably tarnished." (Reporting by Jill Serjeant; Editing by Bob Tourtellotte) © Thomson Reuters 2009 All rights reserved Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Honduras post-coup crisis talks in trouble Also On Reuters Blog: End the Ken Lewis horror show at BofA Analysis: Ground zero of a housing boom that busted $6.4 billion H1N1 vaccination plan a health system strain? 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This is California German police investigate kebab sauce after attack Most Popular Articles RSS Feed Video Pakistan attacks concern U.S. Skepticism rises over balloon saga Insider charges for billionaire Consensus proves elusive for Obama Australia pram dragged 40m by train Dow falls below 10K Fighting mortgage-rescue fraud Pakistanis flee attack on Taliban Dutch MP incites UK protest French farmers take protest to Paris Most Popular Videos RSS Feed Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Journalism Handbook | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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