Suspended Atlanta Falcons quarterback Michael Vick has been sued by an Indiana bank for failing to repay loans concerning a car rental business, reports Associated Press.
In a federal lawsuit, 1st Source Bank of South Bend stated that it suffered damages of at least $2 million, due to Vick and Divine Seven LLC of Atlanta’s refusal to pay for vehicles. According to the suit, the bank issued a written demand for the balance due by Aug. 24 but Vick and Divine Seven have refused to pay.
Art Washington, Divine Seven's CEO, is listed on loan documents for Divine Seven. Washington operates a Payless Car Rental franchise in College Park, GA.
As the chief financial officer of Divine Seven, Vick signed loan agreements that bought at least 130 vehicles through 1st Bank loans, according to documents filed in a U.S. District Court in South Bend on Sept. 26.
The bank repossessed the majority of the cars, limiting Vick’s financial liability, corporate counsel for 1st Source Bank told AP.