January 13, 2025
The Fourth Circuit on Monday affirmed a decision ordering small businesses to arbitrate their proposed class action alleging Bank of America misled them on how to use the Paycheck Protection Program, noting the deposit agreements say an arbitrator will decide all disputes, including the scope of the arbitration provision.
October 27, 2023
A group of businesses that accused Bank of America of misguiding them on how to use the pandemic-era Paycheck Protection Program have asked the Fourth Circuit to reverse a district court's order forcing their suit into arbitration, saying the arbitration clauses in agreements they signed to open accounts with the bank do not apply to the PPP loans.