January 3, 2017

Top-10 DOJ Fraud Recoveries For 2016

By the C|C Whistleblower Lawyer Team

Here is our look-back at the top-10 Department of Justice fraud recoveries for 2016. Click here for a full chronological listing of all DOJ fraud recoveries for 2016.

10. Teva Pharmaceutical Industries Ltd. — The world’s largest manufacturer of generic pharmaceutical products, and its wholly-owned Russian subsidiary Teva LLC (Teva Russia), agreed to a total payout of $520 million in connection with schemes involving the bribery of government officials in Russia, Ukraine and Mexico in violation of the Foreign Corrupt Practices Act. DOJ

9. Bank Julius Baer & Co. Ltd. — The Zurich-based bank agreed to pay $547 million to settle charges of conspiring with many of its U.S. taxpayer-clients and others to help U.S. taxpayers hide from the IRS billions of dollars in offshore accounts and evade U.S. taxes on the income earned in those accounts. DOJ

8. Olympus Corp. of America — The country’s largest distributor of endoscopes and related equipment agreed to pay $623.2 million to resolve alleged violations of the False Claims Act and Anti-Kickback Statute through a scheme to pay kickbacks to doctors and hospitals. Whistleblower Insider

7. Wyeth/Pfizer, Inc. — The pharmaceutical giants agreed to pay $784.6 million to resolve allegations that Wyeth violated the False Claims Act by reporting to the government false prices on two of its proton pump inhibitor (PPI) drugs, Protonix Oral and Protonix IV. Whistleblower Insider

6. VimpelCom Limited — The Amsterdam-based telecommunications company and its wholly owned Uzbek subsidiary Unitel LLC agreed to pay roughly $795 million under settlements with the DOJ, SEC and the Public Prosecution Service of the Netherlands to settle charges of violating the anti-bribery provisions of the Foreign Corrupt Practices Act. Whistleblower Insider

5. Wells Fargo — The California-based bank agreed to pay $1.2 billion in connection with the bank’s improper mortgage lending practices. DOJ

4. Morgan Stanley — The New York based financial services company agreed to pay a $2.6 billion penalty “for misleading investors about the subprime mortgage loans underlying the securities it sold” in the period leading up to the financial crisis. Whistleblower Insider

3. Odebrecht S.A./Braskem S.A. — The Brazilian-based global construction conglomerate petrochemical company agreed to pay a combined total penalty of at least $3.5 billion to resolve charges with authorities in the United States, Brazil and Switzerland arising out of their schemes to pay hundreds of millions of dollars in bribes to government officials around the world in violation of the anti-bribery provisions of the Foreign Corrupt Practices Act. DOJ

2. Goldman Sachs — The New York-based investment bank agreed to pay $5.06 billion to settle charges relating to alleged misconduct in the sale of its residential mortgage-backed securities. Whistleblower Insider

1. Volkswagen AG — The German auto-maker agreed to spend up to $14.7 billion in two related settlements with DOJ, the State of California and the Federal Trade Commission. Whistleblower Insider

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