Birdman is facing legal issues, including his involvement with Lil Wayne's bus shooting case. While this case is pending, the rapper is dealing with a problem surfaced last year regarding a $12 million loan he acquired from a company called EMG.
A lawsuit has been filed against the company explaining how the loan they dealt Birdman was "predatory." Reports on the matter state that the legal documents describe "toxic terms" the loan imposed on the music mogul.
The plaintiff claims the company essentially tricked him into accepting a personal loan while he thought he was acquiring one for "business purposes." He also claims the company issued an illegal interest rate of 25%, preventing him from being able to make payments towards the debt.
The lawsuit demands that EMG Transfer Agent be required to return "all money or property given as earnest money or down payment." The termination of the loan and the reimbursement of all finance charges are also being demanded in addition to unspecified damages.
The filing could be considered a counter-suit. The loan in question and Birdman's failure to make the appropriate payments towards it resulted in the loss of his mansion, which he decided to sell instead of fighting the terms of the loan in court.
[via]
