Suspended Falcons quarterback Michael Vick is being sued by the Royal Bank of Canada, which claims that when he ceased receiving paychecks as an NFL player, he violated the terms of a $2.5 million loan. The Daily Press reports that the loan contract Vick signed has a clause that says if Vick experiences an employment change that might affect his ability to repay the loan, that constitutes a default. The complaint filed by the bank says that Vick owes $2.3 million, plus $499 of interest a day, and the bank wants Vick to pay its legal fees.
Thursday, September 27, 2007
Michael Vick Sued For 2.3 Million
Suspended Falcons quarterback Michael Vick is being sued by the Royal Bank of Canada, which claims that when he ceased receiving paychecks as an NFL player, he violated the terms of a $2.5 million loan. The Daily Press reports that the loan contract Vick signed has a clause that says if Vick experiences an employment change that might affect his ability to repay the loan, that constitutes a default. The complaint filed by the bank says that Vick owes $2.3 million, plus $499 of interest a day, and the bank wants Vick to pay its legal fees.
