Citibank, JPMorgan Dodge Accountants’ Suit Seeking PPP Loan Fees

Citibank, JPMorgan Chase and other banks won’t have to face a federal lawsuit in New York brought by accounting firms who said they were stiffed out of fees for helping arrange pandemic relief loans to small businesses.

The U.S. District Court for the Southern District of New York Monday dismissed class actions alleging that the banks were required to share the government fees they received for processing Paycheck Protection Program loans with accountants and other loan agents that steered applicants their way.

“The Court holds that, absent an agreement between agent and lender, defendant banks are not required to pay ...