Ray Lewis and his L2 Family Foundation are reportedly suing American Bank for close to $20 million after the bank allegedly failed to deliver on a promise to fund $5 million.
TMZ is reporting Lewis and other members of the foundation have officially filed a lawsuit against American Bank after the branch that was doing business with the foundation closed its doors “frantically” after just nine months into the deal with L2. No explanation was given for the move, and as a result there are families in need that won’t get the help that was initially promised.
Here are some more details, per TMZ:
“…the program was supposed to give 52 single moms the money they need toward the down payments of their new homes.”
“In exchange for the $5 mil, L2 says it agreed to give American Bank the right of first refusal on all of the mortgage loans that resulted from the program. Ray claims the bank got $4.5 mil in business from those deals.”
If everything Lewis and L2 alleges happened the way they say it did, then American Bank certainly has an obligation to make things right. The foundation claims it never received any of the promised money and that the bank’s sudden closure “deprived the foundation of its ability to continue operations.”
This will be an interesting story to track as it plays out in court.
Hopefully the families in need of housing will get the help they were promised, and that they deserve.