Insurance,
Civil Litigation
Aug. 7, 2020
Denial of COVID-related bank lawsuits coordination bodes ill for business insurance consolidation effort
The rulings by the U.S. Judicial Panel on Multidistrict Litigation, which may signal bad news for a pending ruling on a motion to consolidate nearly 200 business interruption lawsuits, pertain to lawsuits accusing 200 banks of failing to process Paycheck Protection Program applications, as well as non-payment of agents' fees regarding those loans.
In a setback for plaintiffs' attorneys, a federal panel has shot down the first two COVID-19-related petitions to coordinate lawsuits against banks over business loans, ruling claims are too individualized for efficient resolution.
The Wednesday rulings by the U.S. Judicial Panel on Multidistrict Litigation, which may signal bad news for a pending ruling on a motion to consolidate nearly 200 business interruption lawsuits, pertain to...
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