KeyBank paid $7.77 million over fraudulent PPP loan-forgiveness claims
Company: KeyCorp
Summary
KeyBank agreed in January 2026 to pay $7.77 million to resolve False Claims Act allegations that it submitted forgiveness claims for fraudulent Paycheck Protection Program loans generated through misconduct by a branch manager. DOJ said KeyBank had compelling evidence that many loans were fraudulent before the forgiveness submissions. Source: https://www.justice.gov/usao-nj/pr/key-bank-agrees-pay-77-million-resolve-branch-managers-fraud