Dwyane Wade’s ex-wife drops suit over endorsment deal money
BY MICHAEL LANSU Staff Reporter email@example.com July 11, 2013 6:53PM
Dwyane Wade and his ex-wife Siohvaughn Funches-Wade | AP
Updated: July 11, 2013 7:47PM
The ex-wife of basketball star Dwyane Wade on Thursday dropped a lawsuit against the area native over proceeds from the NBA champion’s endorsement deals.
Siohvaughn Funches-Wade claimed in a lawsuit filed just Tuesday that proceeds from the Miami Heat star’s endorsement deals are not being fully deposited into a joint account as required in a 2008 agreement after their divorce, according to a suit filed in Cook County Circuit Court.
On Thursday, Funches-Wade “voluntarily dismissed” the suit, according to court documents.
The agreement had previously been thrown out in domestic court during the couple’s bitter custody battle, but was restored after Funches-Wade appealed the decision, the suit claimed. The agreement required Wade to pay half of the income from his 2006 NBA contract and all endorsement money into the account.
The suit claimed Funches-Wade has been unable to pay her mortgage, or home and auto insurance because of funds withheld from Wade’s endorsement deals with T-Mobile, Staples, Gatorade and Li Ning, a Chinese sporting goods company.
Wade, a former Richards High and Marquette University star, married his childhood sweetheart in 2002, but the couple split in 2007.
Wade was awarded sole custody of their two young sons in 2011 after a bitter custody dispute in which Funches-Wade filed several lawsuits against her ex-husband, the Sun-Times reported at the time.