She said it was a bad business decision the loaner made. So it’s the bank’s fault for making a bad investment and they won’t get the money back.
The Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now was sued by TD Bank after taking out a $250,000 loan in June 2011. But the org only paid back $400 by the December deadline.
According to the organization, the woman who signed for the loan had no authority to do so in the first place.