Judge Denies Action Against Bank of America Over CARES Act Loans
(Law.com Newswire)

In her ruling Monday, U.S. District Judge Stephanie Gallagher concluded that the CARES Act had no implied private right of action allowing plaintiffs to bring the class action over Bank of America`s handling of a $349 billion loan program to small businesses. She did, however, acknowledge `a significant flaw` in the program, deferring to Congress to make any changes to the new law.        Â