Bank of America World Headquarters in Charlotte, North Carolina.
In her ruling Monday, U.S. District Judge Stephanie Gallagher concluded that the CARES Act had no implied private right of action allowing plaintiffs to bring the class action over Bank of America's handling of a $349 billion loan program to small businesses. She did, however, acknowledge "a significant flaw" in the program, deferring to Congress to make any changes to the new law.
April 13, 2020 at 02:43 PM
1 minute read
staff reporter
A federal judge declined to grant an order that would impose requirements on Bank of America’s application process in the $349 billion loan program to small businesses.
In her ruling Monday, U.S. District Judge Stephanie Gallagher of the District of Maryland concluded that the CARES Act had no implied private right of action allowing plaintiffs to bring the class action.
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