Small Businesses’ UCL Suit Against Bank For COVID Loans Sent To Arbitration

(July 6, 2023, 11:32 AM EDT) -- LOS ANGELES — A California federal judge granted Bank of America’s motion to compel arbitration of putative class claims brought against it by small business owners who accuse the bank of violating California’s unfair competition law (UCL) by inducing them to take out large Paycheck Protection Program (PPP) loans during the coronavirus pandemic by misrepresenting the restrictions on PPP loans....