Wells Fargo sued over PPP loan processing

Wells Fargo & Co. is being sued by two California companies over how it prioritized processing loan applications for the U.S. Small Business Administration’s Paycheck Protection Program. The suit by the two companies, filed in federal court in Los Angeles, seeks class-action status.

“Wells Fargo has, once again, prioritized corporate greed at the expense of its small business customers,” the lawsuit alleges. “Wells Fargo prioritized loan applications seeking higher loan amounts because processing these applications first generated larger loan origination fees for the banks.”

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