September 25, 2007
A Canadian bank is suing former NFL star Michael Vick for defaulting on a loan.
The Royal Bank of Canada is suing the suspended Atlanta Falcons quarterback 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.
The bank filed a lawsuit last week in federal court in Newport News saying 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.
After pleading guilty in federal court to dogfighting charges this summer, Vick is now facing up to five years in prison and has been suspended indefinitely without pay by the NFL.
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