January 8, 2018 / 5:28 PM / 10 months ago

Bank of America settles whistleblower lawsuit for $5 mln

Bank of America has agreed to pay $5 million to resolve a Florida foreclosure attorney’s whistleblower lawsuit accusing it of making false claims to qualify for federal mortgage insurance, according to a filing on Friday in Miami federal court.

The settlement calls for the bank to pay $3.4 million to the U.S. government, with whistleblower Bruce Jacobs receiving $891,000 of that amount. The bank will pay another $1.6 million to Jacobs in attorneys fees and costs. The bank settled without admitting liability.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2m5mWiq

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