Page "Creedence Clearwater Revival" Paragraph 47

One decision made by John Fogerty rankled his bandmates and would leave all of them without most of their hard-earned money and facing legal and financial problems for years.

Without the other three band members ' knowledge, Fogerty agreed to a tax shelter scheme proposed by Saul Zaentz and his lawyers in which most of the bandmembers ' assets were transferred to Castle Bank & Trust ( Bahamas ) of Nassau.

Zaentz and his associates withdrew their assets before the bank eventually dissolved — along with the savings of the four Creedence Clearwater Revival band members.

A series of lawsuits began in 1978 and eventually ended with a California court awarding $ 8. 6 million to the band members in April 1983.

Despite this legal victory, very little of the money was recovered.