Posted: Apr 18, 2013 10:25 AM by Associated Press
KANSAS CITY, Mo. - A settlement between U.S. Rep. Emanuel Cleaver and a bank over a loan he and his wife used to buy a car wash more than a decade ago will require the Kansas City Democrat to make payments on more than $1.2 million.
The settlement was announced Wednesday, just hours before the trial was to begin in a lawsuit Bank of America filed against Cleaver over the $1.6 million loan.
Cleaver and his wife, Diane, used the loan to buy a Grandview car wash before he was elected to Congress.
Cleaver said in a statement that the car wash was recently sold and the proceeds paid off some of the debt.
The Kansas City Star reports details of the Cleavers' payment plan were not made available.