EXCLUSIVE: Dr. Conrad Murray Settles Lawsuit Over $1.65 Million Loan
Oct. 8 2010, Published 8:40 a.m. ET
Dr. Conrad Murray has one less legal battle to fight and a roof over his head now that he's reached a settlement with the Federal Deposit Insurance Corporation - or FDIC - Breaking Celebrity News has learned exclusively.
In May 2010, Dr. Murray filed a lawsuit against the FDIC regarding a loan on his Las Vegas residence. Murray was seeking to mediate the terms of a $1.65 million promissory note that the FDIC took over after the original note holder, Irwin Union Bank & Trust Company, was shut down by the Indiana Department of Financial Institutions.
In the lawsuit, Dr. Murray claimed he fell behind on his mortgage in 2009 and was facing potential foreclosure. In an attempt to save his home, Dr. Murray says he elected mediation and attempted to work with his lender.
However, during the course of the mediation, the doctor was arrested for his alleged involvement in Michael Jackson's death and claimed his financial documentation was seized and has not been recovered.