June 4, 2020 / 7:12 PM / a month ago

Wells Fargo faces shareholder lawsuit over coronavirus loan practices

Wells Fargo & Co was sued on Thursday by a shareholder who accused the fourth-largest U.S. bank of lying about its handling of loan applications for coronavirus relief under the federal Paycheck Protection Program.

Guofeng Ma accused Wells Fargo of concealing how it prioritized larger and more lucrative borrowers when handling PPP loan applications from small businesses, rather than reviewing them on a first-come first-served basis.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2AJvu9x

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