Laviolette is seeking $3 million in damages, claiming Bank of America convinced him to mortgage his three properties and invest in funds that would, according to a 12-page brochure, increase his family's assets by $14 million over 30 years. Laviolette made the investments when he was still coaching the Carolina Hurricanes in 2006.
The Laviolettes allege that they soon discovered the projections were based on "artificially inflated values" and are seeking a recession of their loans on the properties.
Laviolette is under contract with Philadelphia through the 2014-15 season after signing a multi-year extension in 2012. The Flyers have not disclosed the details of his current salary, but the report in the Inquirer states that his assets at the time of the investment in 2006 were $8.1 million.
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