Mike Lindell, the owner of MyPillow, claims his company was deceived into taking a $1.6 million loan at a 409% interest rate, revealing ongoing financial issues.
In a lawsuit, Lindell asserts that the lenders took advantage of MyPillow's financial struggles, likening the loan agreement to racketeering and expressing concerns over their business's viability.
Contending that the high interest rate violated state law, MyPillow is seeking dismissal of a case related to another merchant cash advance, deepening the ongoing litigation.
With multiple defaults on loans totaling millions, Lindell admits to severe financial distress, stating earlier this year that he had become broke, with only a house and truck left.
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