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Mar 17, 2014 by |

Whistleblower Reward is $63.9 Million In JP Morgan Mortgage Fraud Case

ATTORNEY NEWSLETTER

A whistleblower who filed suit against JP Morgan will receive $63.9 million in reward money.  JP Morgan agreed to settle the allegations by paying $614 million to the government.  The lawsuit alleged that JP Morgan defrauded the government into insuring ineligible home loans.  The settlement resolves the charges against JP Morgan.  California whistleblower attorneys remind the public that whistleblowers help save taxpayer dollars.

This case was filed in January of 2013 by the whistleblower.  Under the False Claims Act individuals may sue on behalf of the government if they have firsthand knowledge of fraud against the government.  The United States Department of Justice joined this case as a plaintiff. Whistleblowers are eligible to recover a percentage of the money recovered by the government.  California whistleblower attorneys think that whistleblower rewards are a good way to get people to come forward with information.

This case was settled on February 4, 2014.  JP Morgan admitted that it had submitted thousands of mortgages for insurance by the Federal Housing Administration and the Department of Veterans Affairs which did not qualify for government guarantees.  JP Morgan admitted that internal reviews had revealed problems with some of the loans.  They did not inform the federal agencies of the problems that they discovered.  According to a lawyer for the plaintiff, there were many bad loans made during the financial boom and the United States taxpayer was left to pay the bill.  California whistleblower attorneys are glad that taxpayer money was recouped.  Evans Law Firm, Inc. was not involved in this case, but will thoroughly investigate whistleblower claims.

Evans Law Firm, Inc. handles whistleblower/false claims, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, and personal injury cases.  If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email info@evanslaw.com.

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