The suit accuses BB&T and Chase of breaches of contract and further accuses BB&T of fraud stemming from its allegedly false representations regarding Holyfield's conveyance of a security interest in his property. Holyfield alleges that Stewart Title was negligent in failing to disclose the BB&T security deed. He also accuses Chase of negligent commencement of foreclosure based on an alleged demand that "overstates" the amount owed under the mortgage deed by more than $1.5 million. The complaint seeks treble damages from BB&T and Chase for "intentional, fraudulent conduct" that allegedly constitutes a violation of the Georgia Fair Business Practices Act. It also sees an injunction blocking the foreclosure sale of Holyfield's property.
Holyfield has drawn attention several times in recent years as lenders sought to foreclose on his property, famously telling The Atlanta Journal-Constitution in 2008: "I'm not broke. I'm just not liquid." Though the suit does not describe those efforts in detail, Holyfield claimed that Chase's $1.3 million payment "spawned a chain of violations" of the mortgage deed, foreclosure laws, the Fair Debt Collection Practices Act and the Georgia Residential Mortgage Act.