Vick being sued by Canadian bank

Sep 26, 2007 - 4:07 PM NEWPORT NEWS, Virginia (Ticker) -- Things just keeping worse for Michael Vick.

A Canadian bank has filed a federal lawsuit against Vick claiming the disgraced quarterback defaulted on a $2.5 million loan taken out earlier this year.

Filed last week in Newport News, Virginia, the suit says Vick signed a promissory note payable to the Royal Bank of Canada on January 18. Two days later, Vick executed a "borrower acknowledgement" stating the loan would be for real estate investments.

The suit claims Vick is in default of $2,313,649.37 for various reasons, including that he failed to provide accurate financial statements. It also says Vick is in default because of changes in his employment which affect his ability to repay the loan.

Vick also failed to meet a September 10 to repay the loan.

In August, Vick pleaded guilty to federal dogfighting charges. He faces up to five years in prison and a $250,000 when he is sentenced on December 10.

On Tuesday, Vick was indicted on state chargers regarding the dogfighting operation that took place on his Virginia property.

Since being suspended indefinitely by the NFL, Vick has lost numerous endorsements, including Nike.