The federal government received a settlement of $16.65 billion dollars from Bank of America in a recent whistleblower qui tam case that was brought by four whistleblowers under the Federal False Claims Act. Whistleblowers have been awarded a generous percentage of the Bank of America settlement by the federal government; they are being paid out a total of $170 million. The whistleblowers in this qui tam action revealed systematic fraud in the banking mortgage business that has occurred since the 2008 financial crisis. According to the New York Times, one of the whistleblowers reported that this is not unique to Bank of America, but is an issue that is prevalent across the appraisal business. This case is part of an industry wide banking scheme where properties are being fraudulently appraised and overvalued in order to make the banks appear more financially healthy than they actually are.
The Evans Law Firm, Inc. handles both state and federal Qui Tam, Whistleblower, or False Claims Act cases. If you believe you have a case, you may contact The Evans Law Firm, Inc. at 415-441-8669 or firstname.lastname@example.org for a free and confidential consultation.