Archive

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

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

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

-- “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

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...

ɃA££$¥ ฿RIɃ€$: Don’t Cry for José López, Argentina

By Max Voldman Former Argentine President Cristina Fernández de Kirchner’s public works secretary, José López, was arrested last week after he was spotted throwing sacks of cash over a nunnery wall in the middle of the night. Observing the strange scene, a concerned neighbor, fearing for the nuns’ safety, called the police. When police arrived, Mr. López was with the nuns, claimed to be a church official,...

DOJ Catch Of The Week -- M&T Bank

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...

In Their Own Words — May

-- "The laundering of proceeds of crime through UK institutions is not only a financial crime, it fuels political instability around the world, supports terrorists and extremism and poses a direct and immediate threat to our domestic security and our overseas interests."

UK Home Secretary Theresa May on proposed new anti-money laundering law. Click here for more.

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

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 -- VimpelCom

By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Amsterdam-based telecommunications company VimpelCom Limited.  Yesterday, the company and its wholly owned Uzbek subsidiary, Unitel LLC, agreed to pay roughly $795 million under settlements with the DOJ, U.S. Securities and Exchange Commission and the Public Prosecution Service of the Netherlands (Openbaar...

DOJ Catch of the Week -- Morgan Stanley

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...