U.S. District Judge Jed S. Rakoff
A Manhattan federal judge has ruled that banks were not required to pay agent fees to accountants who helped borrowers apply for loans under the federal Paycheck Protection Program.
The ruling, from U.S. District Judge Jed S. Rakoff of the Southern District of New York, dismissed six proposed class action lawsuits that claimed the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, mandated the payments, regardless of whether agents had agreements with banks.
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