Bank of America Pays $3.4M to Whistleblower
In the newest Bank of America whistleblower settlement, the financial giant agreed to pay $3.4 million dollars to a courageous whistleblower. This comes after claims that the bank still was not meeting documentation standards for foreclosures. This is even after agreeing to as part of a $25 billion consent judgment involving the bank.
The Law Protects and Rewards a Whistleblower
When a knowledgeable attorney like those found at The Michael Brady Lynch Firm files a False Claims Act lawsuit, he or she files it under a seal. This means it is completely confidential. There is also a full disclosure statement in the suit, which details the evidence collected by a whistleblower.
After we file your suit, the Department of Justice will review the evidence before deciding to step in and decide if they want to prosecute the case. The government’s fraud investigator will work closely with you, the whistleblower to identify all responsible for the fraud.
You could be entitled to 15-30% of the funds recovered. In order to receive the reward, you must be the first one to file a case under the False Claims Act. This is why it is key to pick an experienced attorney to work quickly to get your compensation.
Bank of America Whistleblower Settlement
Bruce Jacobs looked at a copy of a promissory note included in the foreclosure complaint he faced in 2012. In the complaint, he saw an endorsement from the original lender to Countrywide Home Loans Inc. However, there was no a specific endorsee from the failing mortgage lender. Therefore, the bank was on the hook for $1.3 billion in civil penalties when the government prosecuted Countrywide for selling bad loans to Fannie Mae and Freddie Mac.
Jacobs examined his promissory note, but the signatures didn’t add up. One signature was a person who left Countrywide in 2006. This led him to uncover the practice of intentionally filing copies of promissory notes bearing rubber-stamped unauthorized endorsement signatures. Part of the $2.4 billion judgment against Bank of America, the bank could not use anything other than competent evidence in foreclosure cases. Therefore, their pursuing foreclosures were not legally binding.
Originally, the U.S. government declined to prosecute the case. However, Jacobs did not give up. They did re-enter the case in October and reached a settlement as well.
Premier Complex Litigation Attorneys
The Michael Brady Lynch Firm has successfully represented thousands of consumers and recovered millions of dollars for their clients. Our team of attorneys has been recognized as some of the most experienced and successful in the country. Our award-winning staff is also sought after for our knowledge on complex litigation, scientific evidence development, negotiation strategies and trial tactics.
Most of all, our law office is resourceful and dedicated to pursuing any compensation you are due. Because of this, we have received a high degree of peer recognition and professional achievement, such as inclusion on numerous Plaintiff Steering Committees. We will take whatever legal measures are necessary when fighting for your rights to damages.
Therefore, if you believe you have uncovered evidence of fraud involving a government-funded program, contact us today. Our attorneys have represented many clients in the past with complex cases. We will work tirelessly to obtain results on your behalf.