Financial and Bank Cases


Bank of America Whistleblower Lawsuit Settles at $16.6 Billion: Lawyer Brian Mahany says “Justice”

Bank of America Whistleblower Lawsuit Settles at $16.6 Billion: Lawyer Brian Mahany says “Justice”

In the largest civil settlement with a single entity in U.S. history, Bank of America has agreed to pay a total of $16.6 billion to the federal government and a number of states in order to resolve claims against the company and its former and current subsidiaries for the selling of shoddy mortgage and related securities.  The subsidiaries include Country Financial Corporation and Merrill Lynch.

Whistleblowers $170M Reward: Shareef Abdou, Robert Madsen, Edward O’Donnell

The whistleblower case against Bank of America, one of the world’s largest financial institutions, was brought by four parties: Shareef Abdou, an executive in the bank’s operations group; Robert Madsen, a former property appraiser at a Bank of America subsidiary; Edward O’Donnell, a former financial executive at Countrywide; and Mortgage Now, a small New Jersey mortgage lender headed up by James Marchese.  For their efforts, they will receive a total of about $170 million, according to various media sources....