The United States District Court for the District of Maryland held there is no implied private cause of action under the CARES Act, denying a preliminary injunction (styled a “stay pending appeal”) in a putative class action aimed at stopping Bank of America’s gating policies on PPP loans. Profile, Inc. v. Bank of America Corp., 2020 U.S. Dist. LEXIS 67311 (D. Md. April 17, 2017). The decision is here.
Similar putative class actions have been in the Central District of California and in the Southern District of Texas. The California actions also assert state-law unfair trade practices or unfair competition claims. The series of California complaints are here. The complaint in the Texas suit, Scherer v. Frost Bank, No. 4:20-cv-01297 (S.D. Tex. Filed Apr, 12, 2020) is here.
Thomas K. Potter, III (email@example.com) is a partner in the Securities Litigation Practice Group at Burr & Forman, LLP. Tom is licensed in Tennessee, Texas, and Louisiana. He has over 34 years of experience representing financial institutions in litigation, regulatory and compliance matters. See attorney profile.
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