According to a statement received by Charania, Noel has agreed to pay Klutch full fees on a $5 million deal he signed with the New York Knicks in 2020 and withdraw all legal proceedings against the agency.
Nerlens Noel, Rich Paul and Klutch Sports Group settle Noel’s legal case – with Noel paying full commissions owed to Klutch Sports on the $5 million Knicks deal in 2020, and Noel withdrawing all legal proceedings. Statement: pic.twitter.com/isMq0L3rTU
— Shams Charania (@ShamsCharania) January 11, 2023
In his initial lawsuit, Noel claimed that Klutch's Rich Paul, who also represents LeBron James, Anthony Davis and Trae Young, had breached his fiduciary duty to Noel during a three-year period in which the mega-agent represented the big man with little success.
After allegedly convincing Noel to turn down a four-year, $70 million extension offer from the Dallas Mavericks, Noel claimed Paul and his team regularly failed to follow up on their promises or free agent interest from teams, especially after an injury-riddled 2017-18 season that caused Noel to play on the league minimum the next season.
Noel claimed he only received that Knicks contract after Knicks president Leon Rose reached out to his friend and adviser to set up a meeting. He would drop Klutch as his agent later that year, but will now pay the agency its full commission as part of the settlement.
Noel having to pay Klutch as part of a settlement of his lawsuit against them is a rather odd outcome, and likely speaks to the legal and financial pressures that led to the lawsuit in the first place.