November 30, 2012 13:42 IST
The Family Affair singer’s production company, Mary Jane Productions Inc, was also named in the lawsuit.
Mary J Blige reportedly owes USD 2.2 million.
The 41-year-old singer and her husband, Martin Isaacs have been accused of defaulting on a huge loan from Manhattan's Signature Bank, according to a complaint filed New York State Supreme Court on November 28, 2012.
The financial institution is seeking the full loan amount, which was taken out in October 2011 and due to be paid back by July 2012, along with $58,000 in interest.
The Family Affair singer's production company, Mary Jane Productions Inc, was also named in the lawsuit.
This is the latest financial woe for Mary after her charity, The Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now Inc, was accused earlier this year of mishandling funds and failing to pay back a loan.
Speaking about the allegations, Mary said: "The lives of young women are at stake. I feel what they feel. I don't want them to suffer. I promised them something and I'm gonna deliver. Period. As soon as I was informed of the issues at FFAWN, I immediately called my advisors and lawyers to get to the bottom of what was happening. As Founder and CEO of FFAWN, I am ultimately responsible for anything that goes wrong. The problem is that I didn't have the right people in the right places doing the right things. This should have never been allowed to happen, but it did and now we are fixing it. The good news is that we have been in touch with the MJB Center in Yonkers and the scholarship program, and both are in good shape."