{"id":5729,"date":"2014-12-17T00:00:00","date_gmt":"2014-12-17T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/12\/whistleblower_earns_57m_payout"},"modified":"2022-05-06T12:11:30","modified_gmt":"2022-05-06T17:11:30","slug":"whistleblower-earns-57m-payout","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/whistleblower-earns-57m-payout\/","title":{"rendered":"Whistleblower Earns $57M Payout in Second Lawsuit Against Bank of America"},"content":{"rendered":"

Edward O’Donnell, an ex-Countrywide Financial executive, will receive $57 million for a second whistleblower lawsuit accusing parent company Bank of America Corp. (BAC) of fraud. In this case, O\u2019Donnell accused a Countrywide unit of bilking Freddie Mac (FMCC) and Fannie Mae (FNMA) through the sale of home loans. Bank of America consented to settle the case for $350 million as part of a wider $17 billion deal to settle mortgage fraud claims.<\/p>\n

For filing his whistleblower lawsuit, O’Donnell\u2019s share is 16% of the recovery plus another $1.6 million. His award comes from the part of the settlement that the bank reached with federal prosecutors and the states of Illinois, New York, California, Maryland, Delaware, and Kentucky.<\/p>\n

He has yet to collect money from the other case, in which a jury found Bank of America liable for shoddy mortgage sales. That lawsuit revolved around the \u201chustle,\u201d which was a program that rewarded employees for producing loans even if their quality was poor.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Edward O’Donnell, an ex-Countrywide Financial executive, will receive $57 million for a second whistleblower lawsuit accusing parent company Bank of America Corp. (BAC) of fraud. In this case, O\u2019Donnell accused a Countrywide unit of bilking Freddie Mac (FMCC) and Fannie Mae (FNMA) through the sale of home loans. Bank of America consented to settle the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,4001,3757,3938],"tags":[],"class_list":["post-5729","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-mortgage-fraud","category-mortgagebacked-securities","category-whistleblowers"],"yoast_head":"\nWhistleblower Earns $57M Payout in Second Lawsuit Against Bank of America — Investor Lawyers Blog — December 17, 2014<\/title>\n<meta name=\"description\" content=\"An ex-Countrywide Financial executive, will receive $57 million for a second whistleblower lawsuit accusing parent company Bank of America Corp\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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