In a national bellwether case, the United States District Court for the Northern District of Florida dismissed a putative class action seeking the payment of “agent fees” for Paycheck Protection Program (PPP) loans under the...more
In four separate decisions issued on August 5, 2020, the U.S. Judicial Panel on Multidistrict Litigation declined to consolidate for pretrial purposes dozens of actions against national banks arising from their roles as...more
8/11/2020
/ Banks ,
Borrowers ,
Case Consolidation ,
Class Action ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Financial Institutions ,
Judicial Panels ,
Lenders ,
Multidistrict Litigation ,
Paycheck Protection Program (PPP) ,
Small Business ,
Small Business Loans
As more class actions are filed every day related to the COVID-19 pandemic, a growing number of plaintiffs are asserting claims against banks that acted as participating lenders in the Paycheck Protection Program (PPP). The...more
8/7/2020
/ Agents ,
Borrowers ,
Breach of Duty ,
CARES Act ,
Class Action ,
Coronavirus/COVID-19 ,
Fiduciary Duty ,
Lenders ,
Loan Applications ,
Multidistrict Litigation ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business Loans
Lenders electing to participate in the $349 billion federal Paycheck Protection Program (PPP) understood the many challenges they faced in accepting and processing loan applications. ...more