Magic Johnson Dips Out On Pre-Paid Card Deal; Company files Lawsuit in Florida Ms. Bels Friday, June 21, 2013 $1 Rumors, Foul on the Play, The Receipt A Florida-based pre-paid credit card company filed a lawsuit against Magic Johnson. Yesterday, in Florida District court, Celebrity Cards International claimed that the NBA Hall of Famer and business mogul breached a contract to market and sell his very own pre-paid cards. Johnson broke the initial agreement and unlawfully entered a similiar agreement with a competitor, OneWest Bank. The suit claims Celebrity Cards’ CEO Reed Wallace struck a deal with Johnson to market the cards with his image, and in 2004 sold 2,000 Magic Cards through direct response ads on TV. But shortly after, wrangling over ownership of the trademark began when Wallace’s company was bought. According to the suit, Wallace was able to reacquire ownership of Johnson’s trademark, but Johnson had filed a cancellation action and partnered with OneWest to release its own Magic Cards without permission from Celeb Cards. No statements released by Magic Johnson’s camp at this time. Source:NYPost
