NEWPORT NEWS, Va. (AP) — A Canadian bank has sued suspended Atlanta Falcons quarterback Michael Vick for more than $2.3 million, arguing 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 of Canada said in the lawsuit filed in U.S. District Court in Newport News on Thursday.
The loan’s terms specify that any employment change negatively impacting Vick’s income constitutes a default on the loan, according to the lawsuit.
Last month, Vick has 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 attorney’s fees.
Vick’s attorneys did not immediately return phone messages Tuesday.
Original Article: http://sportsillustrated.cnn.com/2007/football/nfl/09/25/bc.fbn.sou.vicklawsuit.ap/index.html