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Thursday, August 11, 2011 - 1:43am

Graves, Rogers Settle Loan Suit

A settlement has been reached in a lawsuit accusing U.S. Rep. Tom Graves and a state lawmaker of defaulting on a $2.3 million loan to buy and renovate a Calhoun motel.

Gordon County officials told the Chattanooga Times Free Press that attorneys for Bartow County Bank and Graves filed a joint dismissal late Wednesday.

The Republican Congressman says he's happy the matter "is fully resolved in a fair and equitable manner." Bank attorney Edward Hine confirmed the settlement but wouldn't comment further.

The bank had accused Graves and Senate Majority Leader Chip Rogers of failing to repay a loan for a business venture that collapsed. Graves and Rogers said in earlier court filings that the bank promised to refinance the loan at a better interest rate, but never followed through.