Magellan Midstream Partners LP
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Energy : Oil, Gas & Consumable Fuels | Mid Cap Value
Company profile

Magellan Midstream Partners, L.P. is principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil. The Company operates through three segments: refined products, crude oil and marine storage. As of December 31, 2016, its asset portfolio, including the assets of its joint ventures, consisted of its refined products segment, consisting 9,700-mile refined products pipeline system with 53 terminals, as well as 26 independent terminals not connected to its pipeline system and its 1,100-mile ammonia pipeline system; its crude oil segment, consisted of approximately 2,200 miles of crude oil pipelines and storage facilities with an aggregate storage capacity of approximately 26 million barrels, of which 16 million are used for contract storage, and its marine storage segment, consisted of five marine terminals located along coastal waterways with an aggregate storage capacity of approximately 26 million barrels.

Closing Price
$44.53
Day's Change
-0.81 (-1.79%)
Bid
--
Ask
--
B/A Size
--
Day's High
45.57
Day's Low
44.35
Volume
(Light)
Volume:
780,123

10-day average volume:
1,009,619
780,123

Class Action Lawsuit Claims Bank of America, Wells Fargo, Other Banks Refused to Pay Agents for Preparing PPP Applications

8:10 pm ET May 22, 2020 (PR Newswire) Print

Attorneys from Heninger Garrison Davis, LLC's class action group, along with co-counsel from Geragos & Geragos, PC, Zimmerman Reed, LLP, and Zumpano Patricios & Popok, PLLC, and Graylaw Group, Inc., filed a class action complaint against a number of banks for failure to pay agents who assisted with the preparation and filing of Paycheck Protection Program (PPP) applications on behalf of Alliant CPA Group, LLC, individually and on behalf of a class of similarly situated businesses and individuals.

The defendants listed in the 36 page complaint include the following: Bank Of America, Corp., Bank Of America, N.A., Ameris Bank, Bank Ozk, Cadence Bancorporation, Cadence Bank, N.A., Centerstate Bank Corporation, Centerstate Bank, N.A., Newton Federal Bank, Synovus Bank, Truist Financial Corp., Truist Bank, United Community Bank, Inc., United Community Bank (Georgia), Wells Fargo And Company, And Wells Fargo Bank, N.A. (Defendants).

The class-action lawsuit alleges the defendants have overstepped Small Business Administration (SBA) mandates by refusing to pay or not paying full agent fees to accountants, consultants, loan brokers, or other representations who helped clients file PPP loan applications.

According to the complaint, on March 25, 2020, in response to the economic damage caused by the COVID-19 crisis, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act, the CARES Act as a means for small businesses to receive federally backed, forgivable loans to assist with battling economic hardship caused by the COVID-19 crisis. Though backed by the SBA, the PPP was to be administered through private lenders such as the defendants, who, in return for administering a PPP loan, would receive between one- and five-percent fees depending on the size of the loan, the case explains.

The SBA Regulations include not only compensation for Lenders, but also agents including an attorney, accountant, consultant, employee of the borrower who prepares their employer's application, anyone who assists a lender in relation to an SBA loan, loan broker, or any other individual who represents an applicant in its business with the SBA. These agents, including plaintiffs, were to be paid for their services by the PPP lender through a portion of the funds it received from the SBA.

According to the lawsuit, despite SBA regulations, the defendants have either refused to pay PPP agents as a matter of policy or have agreed to pay only a percentage of the fees owed. Additionally, the defendants effectively denied payment of PPP Agent Fees by making it impossible to indicate that Agent Fees were due, refusing to accept relevant SBA Forms, and/or refusing to allow the applicant to indicate that a PPP Agent assisted the applicant.

Attorneys for the plaintiffs in this lawsuit are asking for relief for the Plaintiffs including equitable recoverable compensatory, statutory, and other damages.

Heninger Garrison Davis Partner, Jim McDonough, sums it up like this, "Unfortunately, this is another case where the banks saw an opportunity to take from the very businesses that were intended to benefit from the PPP program--like the small CPA and accounting businesses that are our clients in these lawsuits--in order to fatten their wallets. We look forward to the Courts making the banks pay our clients for their work in getting funding into the hands of those who needed it the most."

Heninger Garrison Davis, LLC, is a national law firm and our attorneys defend valuable rights for our clients. To determine if you should file suit, consult one of the lawyers on our PPP Agent Fee team as soon as possible to understand your options. We do not charge any fees upfront. In fact, we will only charge attorney's fees if we obtain a financial settlement for you. If you do not win, we get nothing. Call us today for your free case evaluation 1.800.241.9779. You fill out the form here.

Or you can email Jim McDonough at jmcdonough@hgdlawfirm.com

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.

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View original content:http://www.prnewswire.com/news-releases/class-action-lawsuit-claims-bank-of-america-wells-fargo-other-banks-refused-to-pay-agents-for-preparing-ppp-applications-301064595.html

SOURCE Heninger Garrison Davis, LLC

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