4 Class Complaints Accuse Banks Of Rigging Loan Application Process

(April 21, 2020, 12:10 PM EDT) -- LOS ANGELES — Four class complaints by small businesses filed in the U.S. District Court for the Central District of California on April 19 accuse banks processing applications for the Paycheck Protection Program (PPP), which launched April 3 in response to closures impacting small businesses due to the novel coronavirus pandemic, of prioritizing applications for higher loan amounts to collect larger origination fees, constituting unfair, fraudulent and unlawful business (Law Office of Sabrina Damast, Inc., et al. v. Bank of America Corporation, et al., No. 20-3591, Cyber Defense Group, LLC, et al. v. JPMorgan Chase & Co., et al., No. 20-3589, Law Office of Irina Sarkisyan, et al. v. U.S. Bancorp, et al., No. 20-3590, BSJA, Inc., et al. v. Wells Fargo & Co., et al., No. 20-3588, C.D. Calif.)....