Banking Law News

Bank of America Kept PPP Fees From Loan Agents, Suit Says

July 10, 2020, 9:58 PM

Bank of America improperly withheld fees owed to a Florida loan agent and others who helped companies apply to the bank for federal stimulus loans, a new lawsuits says.

The proposed class action filed Friday in the U.S. District Court for the Southern District of Florida is the latest complaint against banks for not sharing lender fees under the Paycheck Protection Program.

The lawsuit said Bank of America withheld more than $5 million in agent fees from the plaintiffs.

Angela Williams, the only named individual in the class action, helped a roofing company obtain a $854,190 PPP loan, the complaint...

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