Rick Dykes agrees to a $58 million judgment

LUBBOCK, TX (KCBD) - Ford Motor Credit Company LLC and Rick Dykes have agreed to a judgment saying Dykes personally owes Ford more than $58 million. The motion was filed Tuesday in the U.S. District Court. On Wednesday the judge approved the motion.

Ford Motor Credit sued Bart Reagor and Rick Dykes personally on August 17, 2018.

Rick Dykes will settle Ford Credit’s lawsuit against him, and has agreed to a judgment against him in the amount $58,712,000.

Court records do not reflect any agreement between Ford Motor Credit and Bart Reagor.

MORE: REAGOR-DYKES CONTINUING COVERAGE

On July 31, 2018, Ford Motor Credit Company, LLC filed its original complaint against certain Reagor-Dykes Auto Group entities. On August 1, 2018, and as a result of the Ford Litigation, six Reagor-Dykes Auto Group entities filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code. On November 2, 2018, four more Reagor-Dykes Auto Group entities filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.