Teague Hit with $2.7M Lawsuit

Rep. Harry Teague (D-N.M.) and four companies he owns have been slapped with a $2.7 million civil lawsuit for failing to repay loans on equipment purchases, according to court documents.

The legal action against Teague is just the latest in what has turned into a tough year, financially, for the freshman Democrat — and what may become a tough political year as the midterm elections approach.

In just one year, Teague has gone from being one of the richest members of the House to a more run-of-the-mill congressional millionaire, thanks to massive losses in the value of his holdings. According to his most recent financial disclosure statement, released in mid-June, Teague saw at least an 87 percent loss in his most valuable asset, a stake in Teaco Energy Services.

Read more: (John Bresnahan, “Teague Hit with $2.7M Lawsuit, Politico, 7/01/10)