NASCAR: Xfinity team sues sponsor

A NASCAR team is suing an Atlanta-based mortgage firm for $4.1 million for allegedly failing to make its monthly sponsorship payments.

Jesse Iwuji Motorsports is accusing Equity Prime Mortgage of breach of contract, in a lawsuit filed Monday in the U.S. District Court for the Southern District of Florida Fort Lauderdale Division. EPM stopped paying for the sponsorship of the car competing in the NASCAR Xfinity Series in October because of troubles affecting the mortgage market, according to the complaint.

“An executive at EPM told an executive at JIM that EPM ‘got margin called’ and was suffering due to mortgage rate hikes, and thus EPM could not make any additional compensation payments to JIM under the EPM Agreement,” wrote attorney Darren Heitner of Fort Lauderdale, Florida-based Heitner Legal.