Death of an American Law Star
Tom Borman, LawFuel contributing editor
Billionaire lawyers are pretty thin on the ground but the death of lawyer Peter Angelos recently, at the age of 94, ended a life that represented extraordinary success as a lawyer, quite apart from the massive accumulation of wealth.
Angelos made his name – and his money – as a leading litigator fighting asbestos and tobacco companies.
However, his main public recognition came as principal proprietor of the Baltimore Orioles baseball franchise for over thirty years.
Born on July 4, 1929, in Pittsburgh to Greek immigrants, Angelos learned the value of hard work and integrity from his father, who ran a tavern in East Baltimore.
He attended the University of Baltimore, graduating in 1961 before establishing a successful law practice and his reputation as a major class action and personal injury litigator.
Angelos was recognized as one of the highest-earning lawyers in the United States as a leading trial lawyer, securing billions of dollars in settlements from legal battles against asbestos and tobacco corporations in product liability lawsuits.
His financial success propelled him onto the Forbes 400 list of wealthiest Americans in 2008, (their Billionaires List has just been released) boasting an estimated net worth of $1.2 billion, although he dropped off the list the following year.
Asbestos & Tobacco Litigation
Angelos represented thousands of clients in lawsuits related to asbestos exposure, particularly targeting companies responsible for manufacturing or using asbestos-containing products.
The lawsuits sought compensation for individuals suffering from asbestos-related illnesses, such as mesothelioma and lung cancer and her received major settlements from which his earnings were equally large.
In one of his major asbestos cases, he represented some 8,700 steelworkers, shipyard workers, and others in a consolidated-action asbestos poisoning suit that was partially settled in 1992, seeing Angelos retain a fee of $330 million.
Angelos played a prominent role in representing the state of Maryland in negotiations with tobacco companies to recover healthcare costs associated with smoking-related illnesses following his own lobbying to alter State law regarding the claim and ultimately . His efforts led to a substantial settlement for the state in 2002 and from which his legal fees were – once again – large.
But his legal abilities also saw him handling an array of personal injury and product liability cases, securing his reputation as both one of the country’s leading trial lawyers and also one of its riches.
The Orioles Purchase
Leveraging his personal wealth, Angelos became the primary investor in a consortium that acquired the Baltimore Orioles from $173 million in 1993.
Recent reports in January 2024 indicated that the Angelos family had agreed to sell the team for $1.73 billion to David Rubenstein, co-founder of Carlyle Group Inc., along with a group of investors.
Angelos endeared himself to Baltimore fans by retaining the Orioles in the city, which had previously lost its NFL team, the Colts, to Indianapolis.
He spared no expense in recruiting top talent, resulting in one of the highest payrolls in baseball. During a mid-1990s strike, while other owners resorted to replacement players, Angelos stood firm in his refusal.
However, despite early success, Angelos’ tenure of the team was marred by internal conflicts and managerial disputes which also saw the resignation of manager Davey Johnson, which created further friction within the organization.
Setbacks for the team continued and it took 15 years and seven different managers before the Orioles achieved another winning season in 2012. Attendance figures fluctuated over the years, reaching a low of 1.7 million in 2010 before rebounding, assisted by Angelos’ son John who provided executives with greater control over the running of the organization.
His sons John and Louis were embroiled in a legal battle regarding control of the family’s assets, including the Orioles franchise, which was settled in 2023 but left concerns about the future ownership of the franchise.
A Democrat, he made significant donations to the Party, as well as the Greek Orthodox Congregation in Maryland and has been the biggest donor to the University of Baltimore.
Peter Angelos leaves behind a legacy as one of America’s legal greats, displaying not only considerable legal prowess but also business acument and a strong focus on serving his interests in philanthropy, his community and his beloved baseball.
