CIBC secures dismissal of putative class asserting claims under the CARES Act
Clients Canadian Imperial Bank of Commerce
Jones Day successfully represented Canadian Imperial Bank of Commerce in a putative class action arising under the CARES Act's Paycheck Protection Program ("PPP"), obtaining dismissal of all claims. The plaintiffs were alleged agents of PPP borrowers and claimed that the Cares Act and various state common law theories obligated CIBC and the other defendants to pay fees directly to the agents.
Full Compliance, LLC, et al. v. CIBC Bank USA, et al., No. 1-20-cv-22339 (S.D. Fla.)