Wells Fargo sued over PPP loan processing
Wells Fargo & Co. is being sued by two California
companies over how it prioritized processing loan applications for the U.S.
Small Business Administration's Paycheck Protection Program. The suit by the
two companies, filed in federal court in Los Angeles, seeks class-action
status.
“Wells Fargo has, once again, prioritized corporate greed at
the expense of its small business customers,” the lawsuit alleges. “Wells Fargo
prioritized loan applications seeking higher loan amounts because processing
these applications first generated larger loan origination fees for the banks.”
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