Federal judge orders Vick to pay Canadian bank $2.4M
By MICHAEL FELBERBAUM,
AP Sports
Posted: 2008-05-08 15:38:18
RICHMOND, Va. (AP) - A federal judge ordered imprisoned quarterback Michael
Vick to repay more than $2.4 million to a Canadian bank for defaulting on a
loan.
The Royal Bank of Canada sued Vick in September, arguing his guilty plea to
a federal dogfighting charge - and the resulting impact on his career -
prevented him from repaying the loan.
According to the suit filed in U.S. District Court in Newport News, the
loan's terms specify that any employment change negatively impacting Vick's
income constitutes a default on the loan.
Vick is serving a 23-month prison sentence at the U.S. penitentiary in
Leavenworth, Kan., after pleading guilty last year to bankrolling a dogfighting
ring. He was subsequently suspended indefinitely without pay and lost all his
major sponsors, including Nike. He also faces 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 order Wednesday from U.S. Magistrate F. Bradford Stillman requires Vick
to pay $2.4 million, plus $499 in interest per day, starting Sept. 19, 2007,
and the bank's attorneys' fees and costs of $11,950 plus interest.
Vick's attorneys did not immediately return phone messages seeking comment.
After the plea, the Atlanta Falcons also tried to recover about $20 million
in bonuses Vick earned from 2004 to 2007. But a federal judge held that Vick is
entitled to keep all but $3.75 million of the money paid to him for playing
football through the 2014 season.
A default judgment for $1.08 million also was entered in January against
Vick and a business partner in a lawsuit brought by Wachovia Bank over a loan
for an Atlanta-area wine shop and restaurant.
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05/08/08 14:37 CDT