Mary J. Blige's foundation reaches settlement with bank

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

Related UPI Stories
Latest Headlines
Trending Stories
John Goodman shows off slim physique at 'Trumbo' screening
Bella Hadid and brother Anwar battle chronic Lyme disease, mother says
Jena Dewan shares topless photos taken by husband Channing Tatum
Celebrity airport style: What the famous wear when they travel
'Dancing With the Stars': Kim Zolciak to undergo heart surgery