In the last fiscal year, the federal government recovered a record $5.69 billion under the False Claims Act. And as recoveries have increased, so have the awards for those whistleblowers who play a crucial role in exposing cases of fraud. Here’s a round up of some of the biggest false claims settlements and the subsequent whistleblower rewards from 2014. Continue reading
The day after Bank of America’s record $16.65 billion settlement with the Department of Justice, Making Sen$e looks back at how the bank increased their holdings of risky mortgages and looks forward at whom — from consumers to shareholders — will be affected by the settlement. Continue reading
Bank of America will pay nearly $17 billion for its role in writing and securitizing risky home loans in the run up the housing crisis. For a closer look at the Justice Department deal, and the impact it and earlier bank settlements might have on Wall Street and across the U.S., Hari Sreenivasan talks to Dennis Kelleher of Better Markets and Lynn Stout of Cornell University. Continue reading
WASHINGTON — The Justice Department has announced a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis.
WASHINGTON — Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday. Continue reading
On the first of two report card days for big banks in America, all but one bank received a passing grade from the Federal Reserve.
The central bank released the results of its “stress test” of 30 bank-holding companies with consolidated assets of $50 billion or more Thursday, showing that most of these institutions have enough capital to withstand a severe economic downturn. Continue reading
In a scandal that triggered a CEO resignation, an investigation and basic questions about the integrity of the financial system, British bank Barclays paid $450 million in fines last week to settle accusations that it helped rig the Libor rate. Margaret Warner discusses the fallout with David Enrich of the Wall Street Journal. Continue reading
Even as foreclosed homes — casualties of the housing bubble — still litter the American landscape, federal and state officials announced Thursday a $25 billion deal between 49 states and five mortgage giants designed to give relief to homeowners and hold banks accountable for abusive practices. Continue reading
Bank of America agreed to pay a $335 million settlement Wednesday over allegations of racial bias in home mortgage lending involving Countrywide Mortgage, which the bank bought in 2008. Jeffrey Brown discusses the investigation and settlement with Illinois Attorney General Lisa Madigan. Continue reading
In other news Tuesday, President Barack Obama condemned economic inequality in the United States during a speech in Kansas and called for progressive reforms. Also, Bank of America has agreed to pay $315 million to investors who said they were misled about risky mortgages. Continue reading