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KPA Promotions & Awards Inc. v. JPMorgan Chase & Co.

Paycheck Protection Loan Applicants Must Arbitrate Their Deceptive Practices Claims

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MEMORANDUM AND ORDER Plaintiffs KPA Promotion & Awards, Inc. (“KPA”) and Above & Beyond Preschool, LLC (“A&B”) are banking customers of defendants JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. (together, “Chase”) who applied for federally guaranteed Paycheck Protection Program (“PPP”) loans from Chase. KPA ultimately received a loan which was backdated by several weeks while A&B’s application was denied. In their complaint, filed on May 19, 2020, plaintiffs allege that Chase improperly favored commercial and private banking clients over its small business banking customers and assert various claims under the New York General Business Law §§349, 350 for deceptive practices and false advertising and the Florida Deceptive and Unfair Trade Practices Act. Plaintiffs further raise claims of fraudulent concealment, breach of fiduciary duty, and negligence. ECF No. 1. Chase now moves to compel arbitration and stay this action. For the following reasons, Chase’s motion is granted. BACKGROUND¹ 1. The Arbitration Provisions Plaintiffs are two businesses primarily located in Florida. Class Action Complaint, ECF No. 1 (the “Complaint” or “Compl.”)

13-14. KPA offers promotional and logoed products, and A&B is a preschool. Id. Years before the pandemic, both plaintiffs opened banking accounts with Chase. Declaration of Ian F. Fidler (“Fidler Decl.”), ECF No. 37,

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