Singer Tom Petty's Daughters Sue Stepmother Over Asset Management

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LOS ANGELES (CNS) - Tom Petty's two daughters today sued the singer's widow, alleging she has mismanaged their father's assets for her personal benefit.

Adria and Annakim Petty's Los Angeles Superior Court lawsuit alleges nine causes of action against Dana Petty that include usurpation of company opportunities, unfair competition and unjust enrichment and unfair competition. The sisters are seeking more than $5 million in damages.

Attorney Adam Streisand, who represents Dana Petty, released a statement on behalf of his client.

“This misguided and meritless lawsuit sadly demonstrates exactly why Tom Petty designated his wife to be the sole trustee with authority to manage his estate,” the statement reads. “Dana will not allow destructive nonsense like this to distract her from protecting her husband's legacy.”

According to the suit, Petty Unlimited was formed in March 2018 to oversee the performer's estate and was to be jointly run by his daughters and their stepmother.

“Regrettably, Dana has refused her late husband's instructions and insisted instead upon competing against (Petty Unlimited) and misappropriating its business opportunities and assets...,” the suit alleges.

Among other things, Dana Petty has established Tom Petty Legacy to compete against Petty Unlimited, her stepdaughters allege.

The complaint asks that a trust be formed over all assets in favor of Petty Unlimited and that Dana Petty be forced to give up any profits she has allegedly obtained through wrongful means.

Petty died in Santa Monica in October 2017 at age 66 of an accidental drug overdose. His daughters were born during his 22-year marriage to Jane Benyo, which ended in divorce in 1996.

Photo: Getty Images

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