Bank of America has settled a lawsuit with Democratic Rep. Emanuel Cleaver over a loan he used to buy a Grandview, MO, car wash.
The congressman representing Missouri's Fifth Congressional District borrowed the money to buy the car wash before he was elected to Congress.
Bank of America filed suit, claiming Cleaver had defaulted on the loan.
Under the agreement, the Cleavers will pay more than $1.2 million to settle the suit.
Cleaver responded to the potential settlement in a written statement.
"We recognize our responsibilities and continue to work in good faith to resolve this issue and meet all of our legal obligations," he said. "We have appreciated the many expressions of support over these last, long months. We will keep working with the bank to reach a settlement that is fair and acceptable to all. Some constituents have asked, so I think it is important to point out, that the loan was secured for a personal investment as a private citizen, after I was Mayor and before I ran for Congress. We are saddened the business wasn't successful, we have sold it, and have used those funds to pay down the loan. We will continue working to do all we need to do, and move forward."
The judge got the settlement details Wednesday morning, but still has to approve them.
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Tuesday, July 22 2014 7:14 PM EDT2014-07-22 23:14:19 GMT
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