June 3, 2020 / 10:05 PM / a month ago

BMO is latest bank sued over accountant, lawyer fees for PPP loans

A U.S. arm of Canada’s Bank of Montreal has been hit with a class action lawsuit accusing it of unlawfully refusing to cover the fees of accountants and lawyers who help prepare applications for loans through the federal coronavirus relief program.

The lawsuit, filed Tuesday in the U.S. District Court for the Northern District of Illinois by accounting firm Prinzo & Associates against BMO Harris Bank NA, is the latest in a series of similar cases filed since the Paycheck Protection Program (PPP) was rolled out last month.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/3eLeuhT

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