Boat Retailer Owner Sued Attorneys After Loan Judgment

Business owners should review supplier agreements for essential buy-back clauses to avoid personal liability.

Updated on Sept. 30, 2026 in Professional Services

Bold flat-color editorial illustration of a boat hull resting on industrial supports, evoking the weight of contractual risk and business liability. — The owner of Tommy's Boats filed a $65 million lawsuit against Miller Johnson Snell & Cummiskey, alleging the firm failed to include a mandatory inventory buy-back clause in a supplier contract. AI Illustration. Upload story photo >

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The owner of Tommy's Boats filed a lawsuit against former attorneys at Miller Johnson Snell & Cummiskey following a $65 million judgment against him. The legal action alleges the firm failed to secure a mandatory inventory buy-back provision in a supplier contract.

Why it matters

This dispute highlights the critical importance of ensuring legal counsel captures specific operational risk protections in supplier agreements. The owner now faces significant personal liability for a loan default that he contends was avoidable under proper contract terms.

The lawsuit centers on a $65 million judgment issued against the owner of Tommy's Boats after a loan default. The filing claims the attorneys failed to negotiate a buy-back provision for unsold inventory that would have mitigated this debt.

The players

Tommy's Boats

A boat retailer that experienced a loan default leading to a $65 million judgment.

Miller Johnson Snell & Cummiskey

A law firm currently facing a malpractice lawsuit regarding its past representation of a boat retailer.

The details

The core of the lawsuit is the alleged omission of a buy-back clause that would have required a supplier to purchase unsold inventory. Without this contractual protection, the owner was left solely responsible for the financial obligations of the business when the loan went into default. This case underscores why operators must verify that specific risk-mitigation terms are explicitly included in all supply-chain agreements.

September 29, 2026: The owner of Tommy's Boats filed the lawsuit.

Market Landscape

This lawsuit follows the established pattern of professional service disputes where a client seeks to hold legal counsel accountable for failed contract-level protections. It serves as a reminder of the liability risks inherent in complex supply chain agreements.

Operators should ensure that all supplier agreements include explicit buy-back terms to protect against inventory-related defaults. Consult with your legal team to audit current contracts for similar risk-mitigation omissions.

The takeaway

The failure to codify a buy-back provision in a supplier agreement has resulted in a $65 million judgment against a business owner. Review your high-value vendor contracts today to confirm that specific exit clauses and inventory protections are legally binding.