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Fortune

Paolo Confino

MyPillow CEO Mike Lindell sues a merchant cash advance firm over a ‘sham’ loan that had a 409% interest rate

Mike Lindell MyPillow Cobalt Fortune Streamline

MyPillow CEO Mike Lindell (Credit: Stephen Maturen/Getty Images)

Mike Lindell, the MyPillow CEO and an avid supporter of President-elect Donald Trump, filed a lawsuit against two small financial services that gave his company a loan when it needed money urgently.

MyPillow owner and CEO Mike Lindell is suing a loan provider, alleging his firm was deceived into borrowing $1.6 million at a 409% interest rate, according to a lawsuit filed in Minnesota.

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