Bank Sues Vick for $2.3 Million

September 25, 2007 - 1:30pm

RICHMOND, Va. - A Canadian bank is suing suspended Atlanta Falcons quarterback Michael Vick for $2.3 million, arguing the troubled athlete's recent guilty plea to dogfighting charges - and the resulting impact on his career - have prevented him from repaying a loan.

In a lawsuit filed last week in federal court in Newport News, Royal Bank of Canada argues Vick borrowed $2.5 million in January with plans to use the money for real estate investments.

According to the lawsuit, the loan's terms specify any employment change negatively impacting Vick's income constitutes a default on the loan.

Since January, Vick has pleaded guilty to bankrolling a dogfighting ring at a property he owned in Surry County.

He faces up to five years in federal prison, has been indefinitely suspended without pay by the NFL and has lost all his major sponsors, including Nike.

Vick's attorneys were not immediately available for comment Tuesday afternoon.

In a lawsuit filed last week in federal court in Newport News, Royal Bank of Canada argues Vick borrowed $2.5 million in January with plans to use the money for real estate investments.

According to the lawsuit, the loan's terms specify any employment change negatively impacting Vick's income constitutes a default on the loan.

Since January, Vick has pleaded guilty to bankrolling a dogfighting ring at a property he owned in Surry County.

He faces up to five years in federal prison, has been indefinitely suspended without pay by the NFL and has lost all his major sponsors, including Nike.

Vick's attorneys were not immediately available for comment Tuesday afternoon.

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