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KeyCorp banking unit to pay $7.77 million to resolve US fraud claims
Yahoo Finance· 2026-01-08 05:30
By Jonathan Stempel Jan 7 (Reuters) - A unit of KeyCorp will pay $7.77 million to resolve allegations that the ​large regional bank violated the federal False Claims Act by ‌submitting fraudulent loans from the pandemic-era Paycheck Protection Program for forgiveness, the ‌U.S. Attorney's office in New Jersey said on Wednesday. KeyBank's settlement related to a Conshohocken, Pennsylvania, branch manager who, in 2020 and early 2021, allegedly recruited business owners to overstate their ⁠payroll expenses ...