Posted in on September 28, 2017 - $161,700,000


Fraud/Qui Tam (Whistleblower)

Cash Settlement – 11/19/2012. United States of America ex rel. Victor Bibby and Brian Donnelly v. JPMorgan Chase, et al. U.S. District Court, Northern District of Georgia, Atlanta Division. Six banks have settled claims under the False Claims Act brought by two whistleblowers for recovery of money on behalf of the U.S. Government. The banks which have agreed to settle are JPMorgan Chase ($45 million), Countrywide Home Loans, Inc. ($45 million), PNC Bank ($38 million), First Tennessee Bank ($16 million), SunTrust Mortgage ($10.2 million), and CitiMortgage ($7.5 million). The case alleges that eight banks cheated military veterans and taxpayers out of millions of dollars by hiding illegal fees in veterans’ home mortgage refinancing transactions and then sought to collect on void government loan guarantees. The case is still pending against Mortgage Investors Corporation, one of the biggest defendants with a large percentage of the total damages exposure.

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