A St. Clair County man has filed suit against a Delaware corporation, alleging the company failed to pay him back for three loans totaling $200,000.
Herschel Johnson claims he entered into three separate loans with iWire.
The first was executed by a written agreement on Aug. 1, 2005, and was for $50,000, according to the complaint filed Nov. 7 in St. Clair County Circuit Court.
For a second time, Johnson entered into an agreement with iWire on Aug. 10, 2006, for an additional $100,000, the suit states.
Johnson claims he and iWire entered into a third agreement on Aug. 9, 2007, for $50,000.
Under the terms of the first agreement, iWire agreed to pay the money back to Johnson by Aug. 1, 2006, the suit states.
The second agreement called for Johnson to be reimbursed by Aug. 1, 2007, he claims.
Later, Johnson claims he agreed none of the money would not be due until Aug. 1, 2008.
But iWire has failed and refused to pay the entire loan and has only paid $20,000 of it, according to the complaint.
In the three-count suit, Johnson is seeking the balance due plus prejudgment and post-judgment interest, attorneys' fees and any other relief to which he is entitled.
Daniel C. Nester and Paul. V. Stearns of Bryan Cave in St. Louis will be representing him.
St. Clair County Circuit Court case number: 08-L-574.
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