Vick ordered to pay bank $2.5 million
Atlanta Falcons05/09/2008 8:50 AM The Atlanta Journal-Constitution reports QB Michael Vick has been ordered to pay more than $2.5 million to the Royal Bank of Canada in a court order filed Wednesday. The United States District Court for the Eastern District of Virginia granted a motion for summary judgment against Vick for default and breach of a promisory note from Jan. 18, 2007. Vick was found in default of $2,421,170.90. He also must pay interest of the rate of $499 per diem from Sept. 19, 2007 from May 7, 2008 — a total of 231 days and a sum of $115,269. The order also states that Vick must pay the bank's attorneys' fees and costs in the amount of $11,950.97. Royal Bank of Canada, which operates as RBC Centura in the United States, first sent a letter on Aug. 31, 2007 to Vick demanding repayment of a line of credit that he'd taken in January 2007 for a real estate venture. "Such proceeds were not to be used primarily for personal, family or household purposes, " according to the loan. Read more