A seven-month legal battle involving Richmond’s biggest bank and a retired NFL cornerback has been resolved on the eve of a trial.
The case filed by Union First Market Bank against Donald “Dré” Bly II and the counterclaim Bly filed in response were scheduled for trial today in federal court in Richmond.The case began in May when Union First Market sued Bly, claiming he owed the bank almost $2 million on an allegedly defaulted loan from 2011 that was to help fund a planned Virginia Beach sports complex.
Bly hit back with a counterclaim in June. He said he entered into an investment management agreement with Union in 2003 and alleged that the bank mishandled how it invested his money according to his investment goals and risk tolerance. Bly sought damages to the tune of $12 million.
On Monday, however, attorneys representing both sides filed a notice with the court that the case had been settled. Terms of the settlement are confidential.Bly’s attorney, Wyatt Durrette Jr. of DurretteCrump in Richmond, said Bly is glad the matter has been resolved.
“For Dré, this has been a difficult few months in litigation, and he’s greatly relieved to put this chapter of his life behind him,” Durrette said.
Jonathan Hauser of Troutman Sanders in Virginia Beach represented Union First Market Bank. Hauser would not comment.
Bly played 12 seasons as a cornerback in the NFL, according to ESPN. A standout at Western Branch High School in Chesapeake and the University of North Carolina, he was drafted by the St. Louis Rams in the second round of the 1999 NFL draft. He earned a Super Bowl ring with the team that year. Bly later played for the Detroit Lions, the Denver Broncos and the San Francisco 49ers. The two-time Pro Bowl honoree retired in 2010.
The 36-year-old now lives in Charlotte, N.C., with wife and five children, Durrette said. Bly has a radio show and coaches his children in basketball and baseball.
Addition/Clarification: Last week, U.S. District Judge James Spencer awarded a judgment in favor of Union for the nearly $2 million loan it said Bly owed. The matter left to be determined at this week’s planned trial was narrowed to Bly’s counterclaim allegation that the bank mismanaged his investments.