Lawsuit Seeks Order that Chase Bank be Enjoined from Participating in PPP loan Program and give $700 million dollars back to the Treasury.
According to the lawsuit, by the time Chase Bank’s online portal opened to small businesses, Chase Bank had already personally solicited and submitted all of the loans for its rich clients, who could ask for bigger loans that would be more profitable to Chase Bank. The average PPP loan Chase Bank funded was over $500,000. According to the lawsuit, Chase made over $700 million in less than two weeks, with no risk and no need to verify the statements of their rich clients.
A copy of the lawsuit can be found here: