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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 BuyerPR NewswireCC.