KANSAS CITY, MO — U.S. Rep. Emanuel Cleaver reached an agreement with a bank over a loan used to buy a carwash, stltoday.com reported.
The April 18 story stated that Cleaver and his wife used the loan to buy Grandview carwash over 10 years ago. Now the couple will have to repay $1.2 million.
The settlement was reached a few hours before the trial was supposed to begin. The lawsuit against Cleaver was valued at $1.6 million, according to the story.
A statement included in the story said the carwash was recently sold, and the proceeds paid off some debt. The details of the payment plan were not immediately available, the story noted.
Though Cleaver claimed the wash was sold in October 2012, the bank requested an immediate payment of $1.6 million in January.
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