MyPillow CEO Files Third Lawsuit Against Lender, Accuses Company of 'Unconscionable' Loan Terms

Lindell alleges the agreement with Merchant Capital requires daily payments exceeding $41,000.

By
MyPillow CEO Files Third Lawsuit Against Lender, Accuses Company of
Businessman and election conspiracy theorist Mike Lindell has filed a third lawsuit against a lender, accusing the company of "unconscionable" loan terms. IBT

MyPillow CEO and staunch Donald Trump supporter Mike Lindell has filed a third lawsuit against merchant cash advance lenders, alleging that his company was subjected to "unconscionable" loan terms, including an exorbitant 385% interest rate.

The lawsuit, filed last week in Carver County District Court, targets several named and unnamed defendants, claiming that a $2 million loan taken out in July 2024 was illegally structured to evade New York and Minnesota usury laws. Lindell alleges the agreement with Merchant Capital, which requires daily payments exceeding $41,000 and a total repayment of more than $3.91 million, was a predatory scheme disguised as a purchase of future receivables.

MyPillow contends, according to the 28-page complaint, that the transaction was fraudulently misrepresented and that no legitimate sale of receivables ever occurred. Instead, the lawsuit asserts that the agreement functioned as an illegal, high-interest loan that placed all financial risk on Lindell and his company.

"While couched as the purchase of future receivables, the terms and conditions of the MCA Agreement, as well as the Defendants' actions since that time, demonstrate that despite the disclaimers in the MCA Agreement, no sale of receipts ever took place," the filing states.

This latest lawsuit follows two similar complaints filed by Lindell in October and December 2024, as he continues to accuse the merchant cash advance industry of exploiting struggling businesses with usurious loan terms disguised under misleading contracts.

Lindell's legal team argues that the loan agreement should be deemed unenforceable, calling it a "sham" designed to circumvent regulatory protections.

Merchant Capital has not yet publicly responded to the lawsuit.

Originally published on Latin Times

Tags
Lawsuit
Join the Discussion
More News
No Jail for Medical Student Found Guilty of Raping Drunk

No Jail for Medical Student Found Guilty of Raping Drunk Woman Who 'Couldn't Possibly Consent': He Is 'Young' and 'Talented'

Puerto Rican Server Told to 'Go Back to Mexico' By

Puerto Rican Server Told to 'Go Back to Mexico' by Customers in Racist Note: 'No Tips for Illegals'

Georgia Man Chris Louis Leaves Children at McDonald's

Georgia Dad Left Young Children at McDonald's While He Went to a Job Interview. Cops Were Waiting When He Returned

Kolstad Stoeckel

Minnesota Man Begged Deputies to 'Put One in My Head' After Shooting Sleeping Roommate: Police