• Andrew Marchand, ESPN Senior WriterDec xvi, 2014, 11:25 AM ET

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      Andrew Marchand is a senior author for ESPNNewYork. He as well regularly contributes to SportsCenter, Baseball game Tonight, ESPNews, ESPN New York 98.7 FM and ESPN Radio. He joined ESPN in 2007 after nine years at the New York Post. Follow Andrew on Twitter »

NEW YORK -- Former Yankees All-Star catcher Jorge Posada and his wife Laura are looking to recoup $eleven.two million in lost earnings because of, they claim, "egregious and unlawful" actions by their ex-financial directorate, co-ordinate to a lawsuit filed in Miami.

Still, the two sides may never make it to courtroom because they are closing in on a settlement, according to the lawyer for the ii defendants, Juan Carlos Collar and Anthony Fernandez.

"The parties take agreed to a settlement in principle," Gus Lamelas, the Coral Gables-based lawyer for the defendants, said Tuesday via phone.

Lamelas first commented to the New York Daily News on Monday that the two sides were nearing an agreement.

Earlier Tuesday morning time, the Posadas' lawyer, New York-based Barry Lax, took event with Lamelas going public on what Lax viewed as a individual affair.

"It is inappropriate for their lawyer to go along the record to describe any settlement discussions, if there are any or non," Lax told ESPN New York.

Jose Contreras, the one-time Cuban standout who pitched parts of 11 seasons in the large leagues, has also filed a suit confronting Collar and Fernandez. In Contreras' case, the lawyers accept already informed the guess that a settlement has been agreed to simply non yet officially signed, according to Lamelas.

Lamelas would not disclose any of the fiscal figures being discussed in either case.

Posada earned more than $117 meg during his baseball career, according to BaseballReference.com, while Contreras' total was $67.five million.

The Posadas merits they deserve "no less than $eleven.2 million" in damages done by Collar and Fernandez. In the suit, the Posadas say they were duped by the defendants, who took advantage of the fact that the Posadas had no background in business concern or investing. Posada's married woman has a law degree, according to her personal website.

In one example, Neckband and Fernandez, the complaint says, had the Posadas invest $3 million into a new venture called Sunset Trails, which the court document describes as a "speculative limited liability company that owned no avails at the time of the investment." The defendants were going to use Sunset to buy a real estate development property that "they purportedly planned to develop into a wealthy equestrian customs in Highlands Canton [Florida]."

The defendants, co-ordinate to the lawsuit, also had Jorge, "unbeknownst to him, execute an Unlimited Continuing Guaranty Understanding, wherein [Jorge] agreed to secure all of Sunset's debts to the banking concern, including the $8 million mortgage."

When the existent estate market went south effectually 2005, the investment went sour, which was function of the undoing between the Posadas and their one-time advisers that led to the courtroom documents beingness filed.