Civil Litigation,
Banking
Jul. 23, 2020
Class action says banks should pay borrowers’ agents
The lawsuit claims several major banks conspired to keep $4.2 billion in agent fees for themselves. The banks say the new rules do not entitle the agents to fees.
A consortium of banks was hit with another proposed class action Wednesday accusing them of refusing to pay billions of dollars to accountants and financial advisors who helped businesses apply for COVID-19 relief loans under the Paycheck Protection Program.
The new rules do not entitle the agents to fees, according to the banks.
The lawsuit claims several major banks, including Bank of America, ...
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