Government,
Civil Litigation,
Banking
May 12, 2020
Professionals sue banks for cut of loan fees
Accountants, attorneys, consultants and loan brokers are suing big banks for refusing to compensate for all of the work they put into processing Paycheck Protection Program applications on behalf of small businesses seeking loans under the CARES Act.
Attorneys, accountants and loan brokers sued major banks, saying they were not paid for helping to process small business loan applications under the federal government's emergency relief effort.
The proposed federal class action was filed Friday in Los Angeles on behalf of Brunner Accounting Group. Lenders are refusing to pay agents their rightful fees for work processing Paycheck Protection Program applications as mandated by law, ...
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