Fifth Third Bank has filed suit against Thoroughbred trainer and owner Cash Asmussen and his Mark Point Stables for more than $3 million.
The bank alleges in the lawsuit filed Dec. 17 in Fayette Circuit Court that Asmussen and his wife, Cheryl, failed to make payments due in October on a loan of more than $2.99 million. As of Dec. 8, according to the suit, the Asmussens owed $3.08 million plus interest.
The bank was granted a security interest in Mark Point's equine collateral and is seeking to sell horses to satisfy the debt.
Fifth Third named Laredo National Bank and Bemak N.V. Ltd, doing business as Ashford Stud, as defendants because they also may be asserting an interest in the collateral, according to the suit.
Cash Asmussen could not be reached for comment Wednesday.
John P. Brice, attorney for Fifth Third Bank, would not comment on the suit.
Now a trainer, Cash Asmussen is best known as a former jockey. He won the Eclipse Award in 1979 for leading apprentice rider. Lured to Europe to ride for top owners such as Stavros Niarchos, Mahmoud Foustok and Robert Sangster, Asmussen was five times champion jockey in France.
He won the French Derby four times, the Irish Derby twice, the Arlington Million twice, the Prix de l'Arc de Triomphe, the Japan Cup, the Hong Kong Cup, and the 1997 Breeders' Cup Mile.
Asmussen's mounts included Montjeu, Spinning World, Suave Dancer, Northern Trick, Soviet Star, Kingmambo, and Mairzy Doates.
Asmussen retired from riding in 2001 with 3,000 career wins and returned to the family's training center, El Primero, in Laredo, Texas.
He is the brother of Steve Asmussen, trainer of Curlin and Rachel Alexandra.