Vick Pays Up to Settle Lawsuit

Gilbert School Winsted 1200
NBCConnecticut.com

Philadelphia Eagles quarterback Michael Vick agreed to repay at least $416,000 that he was accused of illegally withdrawing from a pension plan.

The payment settles a lawsuit against Vick for transfers from a pension plan sponsored by a celebrity marketing company he once owned, the Labor Department said.

Vick was accused of withdrawing more than $1.3 million from the plan and using the money to help pay penalties imposed on him after his dogfighting conspiracy conviction.

Vick also will pay a civil penalty of more than $80,000 and forfeit any rights to benefits from the plan.

“Corporations and executives who are plan fiduciaries have a duty to protect the pension assets of participants,” said Phyllis Borzi, assistant secretary for the Labor Department’s Employee Benefits Security Administration (EBSA). “Our legal action ensures that these participants will get the plan assets owed to them.”

The 29-year-old quarterback was released from federal custody July 20 after serving 18 months for running the dogfighting ring.

Copyright AP - Associated Press
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