U.S. District Judge Jed S. Rakoff Rakoff Rules Banks Not Required to Pay Agent Fees in PPP Lawsuits
The court 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.
September 22, 2020 at 06:43 PM
3 minute read
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.
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