Piling on: Royal Bank demands US$2M in lawsuit against Michael VickWince! Still, he knowingly broke the law and was financially overextended. Payback time... Posted by DaveH at September 25, 2007 9:46 PM
Royal Bank of Canada is suing suspended Atlanta Falcons quarterback Michael Vick for more than US$2.3 million.
The Toronto-based bank argues that his guilty plea to federal dogfighting charges and the resulting impact on his career have prevented him from repaying a loan.
Vick borrowed $2.5 million in January with plans to use the money for real estate investments, Royal Bank said in the lawsuit filed in U.S. District Court in Newport News.
The loan's terms specify that any employment change reducing Vick's income constitutes a default on the loan, according to the lawsuit.
Last month, Vick pleaded guilty to bankrolling a dogfighting ring at a property he owned in Surry County, near his hometown of Newport News.
Vick faces up to five years in prison when he is sentenced in December, has been indefinitely suspended without pay and has lost all his major sponsors, including Nike. On Tuesday, he was indicted on state charges related to dogfighting.
"The criminal charges, and resulting impact on the defendant's employment ... materially affect his ability to repay the term note," the bank said in the lawsuit.
The bank is demanding $2,313,694.37, plus $499 in interest per day, starting Sept. 19, as well as lawyer's fees.
That's what Karma does best. No one can get away. Sooner or later you're gonna pay.
Posted by: Chuck at September 30, 2007 12:49 PM