Lawsuits claim Bank of America, Wells Fargo, others shuffled stimulus loans for profit
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In a series of class-action lawsuits filed in California and New York over the past week, Bank of America, Wells Fargo, U.S. Bank and JPMorgan Chase were accused of maximizing the fees they were paid to participate in the Paycheck Protection Program at the expense of mom-and-pop-sized small businesses.© Brian Peterson/Minneapolis Star Tribune/TNS U.S. Bank’s headquarters in Minneapolis. It is one of several banks being sued for improper handling of Paycheck Protection Program loans.
The suits allege that the banks submitted larger loans to the Small Business Administration ahead of smaller ones, leading to bigger small businesses getting greater access to PPP funds before the program ran out of funding this mon