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JPMorgan Suit Over Alleged PPP Favoritism Heads to Arbitration

Nov. 24, 2021, 6:07 PM

A dispute over JPMorgan Chase’s handling of government-backed Covid relief loans for small businesses must first be resolved in arbitration, a federal district judge in New Jersey ruled.

The lawsuit, brought by VR Consultants Inc., alleges that the megabank implemented a “two-tiered” system for handling Paycheck Protection Program loan applications that favored wealthy clients in an effort to maximize its fees. The small IT and management consulting company based in New Jersey said it didn’t receive its $27,500 loan in a timely manner because “it was forced to wait” for JPMorgan Chase to process “wealthy client applications” ...

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