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).
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.
PartnerTom Potter is a Partner in the firm's Nashville office and has over 35 years of experience representing business interests in securities and corporate disputes.
Tom represents broker-dealers and investment bankers in disputes ...
