JPMorgan Chase Bank and two of its largest clients, Ruth’s Chris and Phunware Inc., face allegations in a new class action that they profited off the $349 billion loan program for COVID-19 relief by shutting out small businesses.
The lawsuit, filed Friday by Chicago plaintiffs attorney Jay Edelson, names all three companies and comes one day after Ruth’s Chris announced that it would return $20 million received through the Paycheck Protection Program, part of the $2 trillion COVID-19 stimulus package passed last month.
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