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Britain's Lloyds to Compensate Fraud Victims with $125 Million

Posted  04/7/17
By the C|C Whistleblower Lawyer Team Lloyds Banking Group revealed a 100 million pound ($125 million) compensation scheme for victims of a fraud for which six people were jailed this year, as Britain's financial watchdog reopened a probe into the case.  Lloyd’s is Britain's biggest mortgage lender and has been under pressure to compensate the victims at its HBOS business, who say it reacted too slowly to their...

Wells Fargo Whistleblower Wins $5.4 Million and His Job Back

Posted  04/4/17
A federal regulator on Monday ordered Wells Fargo to pay $5.4 million to a former manager who said he was fired in 2010 after reporting to his supervisors and to a bank ethics hotline what he suspected was fraudulent behavior. The bank must also rehire him, the Labor Department’s Occupational Safety and Health Administration said. OSHA concluded that the manager was "abruptly" forced to leave a Los Angeles...

Mining, Oil and Gas Whistleblowers More Essential Than Ever After SEC Rule Repeal

Posted  02/9/17
American companies are no strangers to the extractive industries in Africa. Exxon has operated on the continent for more than 100 years. Exxon is also well acquainted with rumors and scandal regarding corruption in the African oil industry, having been accused of paying bribes to the ruling family of Equatorial Guinea. Now, with the repeal of an SEC disclosure rule, whistleblowers are more necessary than ever to...

Sen. Warren Accuses Dept. of Labor of Taking Down Wells Fargo Complaint Website

Posted  01/30/17
By the C|C Whistleblower Lawyer Team A special website created as a resource for current and former Wells Fargo employees on workplace issues, including whistleblower retaliation complaints, has been removed by the Dept. of Labor, according to Sen. Elizabeth Warren. The website was set up by former Labor Secretary Tom Perez last September after Wells Fargo was ordered to pay $190 million to settle regulators’...

DOJ Catch of The Week -- Deutsche Bank And Credit Suisse

Posted  01/20/17
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" is shared between Deutsche Bank and Credit Suisse.  On Tuesday, the two European-based banking giants agreed to pay more than $12 billion between them to resolve charges they misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) in the years leading...

In Their Own Words -- McQuade

Posted  12/29/16

-- “When lenders breach their duty of due diligence and make risky loans that go bad, taxpayers pay the bill.”

U.S. Attorney for the Eastern District of Michigan Barbara L. McQuade, commenting on a recent FCA settlement involving the knowing origination and underwriting of FHA-insured mortgage loans that failed to meet applicable requirements. Read more here.

DOJ Catch of the Week -- PNC Bank

Posted  08/19/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to PNC Bank N.A.  On Tuesday, the Pittsburgh-based national banking association agreed to pay $9.5 million to resolve allegations it violated the False Claims Act in connection with the issuance of loans guaranteed by the Small Business Administration (SBA).  See DOJ Press Release. The SBA Act allows banks to...

DOJ Catch Of The Week -- M&T Bank

Posted  05/13/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Buffalo, New York-based M&T Bank Corp.   Today, the bank agreed to pay $64 million to settle charges it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet...

The UK’s new whistleblowing regime going live: UK financial institutions required to appoint a “whistleblowers’ champion”

Posted  03/10/16
By Yulia Tosheva On 7 March 2016, the new rule requiring UK deposit-takers (banks, building societies and credit unions), PRA-designated investment firms and insurers to appoint a senior manager as their whistleblowing champion came into force. The whistleblowers’ champion will be responsible for ensuring the integrity, independence and effectiveness of the firm’s policies and procedures on whistleblowing. A...

DOJ Catch of the Week -- Morgan Stanley

Posted  02/12/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Morgan Stanley.  Yesterday, the 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.  As part of the agreement, Morgan Stanley admitted that it failed to disclose critical...

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