Wells Fargo, JPMorgan Among Banks Sued Over SBA Virus Loans [Yahoo! Finance News]
Wells Fargo & Company (WFC)
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Source: Yahoo! Finance News
) -- Wells Fargo & Co., Bank of America Corp., JPMorgan Chase & Co. and US Bancorp were sued by small businesses that accused the lenders of prioritizing large loans distributed as part of the virus rescue package, shutting out the smallest firms that sought money.The four banks processed applications for the largest loan amounts because they generated the highest fees, rather than processing them on a first-come-first-served basis as the government promised, according to lawsuits filed Sunday in federal court in Los Angeles.As a result, thousands of small businesses that were entitled to loans under the program administered by the Small Business Administration, known as the Paycheck Protection Program, were left with nothing, the plaintiffs said.JPMorgan declined to comment on the lawsuit. The bank said in a FAQ posted on its website that its smallest business clients received more than twice as many loans -- about 18,000 -- compared to larger customers of its commerical banking and
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WFC
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- 10/15/25 - Beat
WFC
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- 12/1/25 - Form 424B2
- 12/1/25 - Form 424B2
- 12/1/25 - Form 424B2
- WFC's page on the SEC website