Singer Chris Brown is currently embroiled in a legal battle as City National Bank, a Georgia-based institution, files a $2 million lawsuit against him. The lawsuit revolves around a loan that was extended to a group of individuals, including Chris Brown and The-Dream, for the acquisition of two Popeyes Chicken fast-food establishments. Despite efforts by the bank to recoup the funds since 2018, the loan remains unpaid.
In a recent development, City National Bank has taken legal action against Chris Brown, alleging that the singer failed to repay a substantial loan. The loan, originally intended for the purchase of two Popeyes Chicken restaurants, has been a subject of dispute between the bank and the borrowers, including Brown and The-Dream.
The lawsuit was filed in California, where Chris Brown currently resides. City National Bank contends that the loan, despite being granted to a group of individuals, has not been repaid, even though the proposed restaurant purchase never materialized. The bank’s attempts to collect the outstanding debt since 2018 have reportedly yielded no results.
The lawsuit specifies that as of February 17, 2023, the collective debt incurred by the borrowers, including Chris Brown, and the interest accumulated amounts to a staggering $2,140,901.74. This significant sum underscores the seriousness of the matter at hand.
The legal action taken by City National Bank is categorized as a collection suit. In essence, the bank has already secured a default judgment against Chris Brown. Their primary objective is to recover the funds owed to them by the borrowers, with Chris Brown being the prominent figure in this case.
While the lawsuit primarily focuses on Chris Brown’s repayment obligations, it is unclear how City National Bank intends to pursue The-Dream’s share of the outstanding claim. The involvement of multiple individuals in this loan agreement may further complicate the legal proceedings.