BIRMINGHAM, AL (WBRC) - Nexity Bank of Birmingham has sued Michigan head football coach Rich Rodriguez over a multi-million dollar development loan.
The lawsuit, filed in a federal court in South Carolina on Monday, accused The Legends of Blacksburg, LLC, of failing to make payments on a $26 million development loan issued two years ago. The suit says Legends has been in default on the loan since May.
The lawsuit says Rodriguez is a guarantor on the loan and is suing him and all other guarantors over the missed payments. The bank says as of August 13, 2009, Rodrigeuz owes $3.9 million in payments and late fees.