Pippen's attorney told The Chicago Sun-Times Wednesday the former Chicago Bulls star sought more than $20 million from Robert Lunn, a financial guru who once had numerous wealthy, well-known clients.
The report noted other former clients also sued Lunn, claiming he looted their investments, loaned their money to friends and associates, and lied about it.
Pippen's investments included a Gulfstream jet. He claimed Lunn misappropriated money for the jet and let it fall into "complete disrepair."
Pippen also is after $20 million from two law firms with ties to Lunn -- Katten Muchin Rosenman LLP and Pedersen & Houpt -- as well as an accounting firm, Wineberg & Lewis.
Lunn, 57, declared bankruptcy in 2005, leaving only his insurance money for Pippen to claim.
The settlement awaits the approval of Illinois Circuit Court Judge Brigid Mary McGrath.