Peterson is being sued for failing to pay back a $5.2 million loan, The Athletic reported.
According to The Athletic, Peterson owes, after interest and legal fees, $6.6 million to DeAngelo Vehicle Sales, who claimed he had defaulted on his loan in the lawsuit that was filed in New York. Peterson had borrowed money from the lending company to pay off other creditors. He also must pay a combined $3 million to two other creditors.
“The truth behind Adrian Peterson’s current financial situation is more than is being reported at this time,” Peterson’s attorney Chase Carlson said Tuesday in a statement. “Because of ongoing legal matters, I am unable to go into detail, but I will say this is yet another situation of an athlete trusting the wrong people and being taken advantage of by those he trusted. Adrian and his family look forward to sharing further details when appropriate.”
Carlson declined further comment.
According to the Athletic, Peterson had defaulted on other loans, leading him to secure the $5.2 million loan from DVS on Oct. 26, 2016, while playing for the Minnesota Vikings. That money was to help pay $3.2 million to Thrivest Specialty Funding and $1.34 million to Crown Bank.
Peterson still owes $600,000 to Crown, and a Maryland judge last week said he must pay $2.4 million to Democracy Capital Corp., The Athletic reported.
Because the lawyers for DVS represented Peterson in another lawsuit, Peterson’s attorney said there was a conflict of interest. That led to a judge cancelling Peterson’s deposition Monday. Peterson’s side said his confidential information was not properly obtained.
“As I have stated to Mr. Peterson’s counsel, my firm has never held Mr. Peterson out as a client to third-parties,” DVS attorney Darren Heitner said Tuesday via email. “Heitner Legal was never communicating with Mr. Peterson. There was and is no actual or perceived conflict of interest. No confidential information was obtained by Heitner Legal from Mr. Peterson. I view Mr. Peterson’s tactics as nothing more than the latest attempt to stall the taking of his deposition.”
Added Heitner: “I have no knowledge as to Mr. Peterson’s personal assets. Based on experience, creditors with judgments in hand may be able to garnish some of his future wages.”
The Redskins report to training camp Wednesday. Peterson will enter camp competing with Derrius Guice for the starting running back position. Peterson, who rushed for 1,042 yards last season, signed a two-year deal worth up to $5 million and includes annual incentives of $1.5 million.