“While Gabrielle Solis may never have had money troubles, Eva Longoria, star of the ABC hit show Desperate Housewives, certainly does.
Eva Longoria is being sued by an investor in her nightclub Beso for violating California usury law, according to ABC News. Mali Nachum, a former partner of Beso, claims that the terms of Eva Longoria’s repayment for her $1 million investment violate California usury law.
Eva Longoria invested the money with terms of yearly repayment of 8%. In addition, Eva Longoria was given a 23.3 percent stake in the company, MSNBC.com reports. Mali Nachum and investor Jonas Lawrence both reduced their share in the company in order to accommodate Eva Longoria’s share.
Any interest rate greater than 12% is considered an unlawful interest rate, according to FindLaw. An unlawful interest rate is known by the term usury. Usury is an unconscionable and exorbitant rate or amount of interest which exceeds those permitted by state law. Nachum claims that the Desperate Housewives star is not legally entitled to 8% plus the 23.33% in the company. Mali Nachum is suing for at least $4 million in damages. The lawsuit was filed in Los Angeles County Superior Court this past Monday.” ~FindLaw has the full story