Council member Jamie Benoit (D-District 7) has settled a case in which a bank claimed he and his wife owed more than $100,000 in loans on the Hops N' Vines wine and beer store.
The lender, PNC Bank, has signed an Order of Satisfaction labeling the case "Paid, Satisfied, Settled and Dismissed, With Prejudice."
The bank alleged in March that Kari and Jamie Benoit owed about $100,000 in principal, plus interest and fees, on two loans from PNC Bank. A court issued a judgment ordering them to pay all of the loans in full, a common practice in cases where a bank wishes to protect itself in the case of a default.
Jamie Benoit was named in the case because he was a guarantor of the loans, but was not an owner and was not involved in the operation of the store.
In April, both Jamie and Kari Benoit said the situation stemmed from a misunderstanding involving their efforts to sell the business. Jamie Benoit said the bank may have been under the impression that the sale had closed, when it was in fact not finalized.
Jamie Benoit confirmed to Patch that the sale of the store is complete.
The store is now owned by a group including Maulik Vyas, who had been operating it under a management contract for most of 2012.