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Mary J. Blige's foundation reaches settlement with bank

Sept. 28, 2013 at 1:12 PM   |   Comments

| License Photo
LOS ANGELES, Sept. 28 (UPI) -- TD Bank has written off more than half of $322,000 owed by U.S. singer Mary J. Blige and record executive Steve Stoute's charitable group, TMZ reported.

In a settlement with the Mary J. Blige and Steve Stoute Foundation for the Advancement of Women, TD Bank agreed to accept a payment of $125,000 from the group, slashing the debt by nearly $200,000, legal documents indicate.

The bank sued the foundation last year after the group defaulted on a $250,000 loan, TMZ reported.

The charity said TD Bank should have known the group's finances were troubled.

As part of the settlement, the foundation will immediately pay the bank $15,000 and then make 12 payments of $9,166.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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