|Indiana bank sues Michael Vick over unpaid car loans|
|Written by Admin|
|Friday, 28 September 2007 06:03|
1st Source Bank of South Bend said in a federal lawsuit it suffered damages of at least $2 million because Vick and Divine Seven LLC of Atlanta had refused to pay for the vehicles.The lawsuit seeks unspecified damages.
Last week, the Royal Bank of Canada sued Vick in federal court in Virginia for more than $2.3 million that it said he had planned to use for real estate investments.
Vick pleaded guilty to a dogfighting conspiracy charge in federal court last month and was indicted Tuesday on state charges in Virginia related to the dogfighting ring. He faces up to five years in prison on the federal charge when he is sentenced Dec. 10. He also has been indefinitely suspended by the NFL.
A message was left Friday at the law firm representing Vick in his criminal cases.
Vick signed loan agreements as the chief financial officer of Divine Seven, which bought at least 130 vehicles, including many Kia Spectra and Ford Taurus cars, through 1st Source Bank loans, according to documents filed in U.S. District Court in South Bend on Wednesday.
A phone call Friday to a number listed on loan documents for Divine Seven was answered by a clerk at a Payless Car Rental office in Atlanta. The Associated Press left a message there for Art Washington, who signed some of the loan documents as Divine Seven's CEO.
According to the lawsuit, 1st Source Bank made a written demand for payment Aug. 24, but Vick and Divine Seven have ``failed and refused to pay.''
The bank has been able to repossess most of the cars, which will limit Vick's financial liability in the lawsuit, said John Griffith, the corporate counsel for 1st Source Bank.
The lawsuit said Vick and the company agreed to their first loans with the bank in January, about three months before authorities began investigating his involvement in a Virginia dogfighting operation.