Major Banks – Procurement Fraud/Finance ($70 million)
Posted March 25, 2024
Constantine Cannon represented a whistleblower in an Illinois False Claims Act case alleging eight of the nation’s largest banks – including Bank of America, Barclays, Citigroup, JPMorgan Chase, Morgan Stanley, Fifth Third, BMO, and William Blair – engaged in widespread fraud and collusion in the fees they charged and the interest rates they set for Illinois tax-exempt municipal bonds known as VRDOs. In February 2024, the banks paid $70 million to settle the matter, making it the largest reported settlement ever under the Illinois False Claims Act. Our client received a whistleblower award of roughly $14 million. Read more – Bond Buyer, PR Newswire, CC.