Saehan Bank To Pay $2M To End False Claims Case

Law360, New York (October 4, 2010, 7:07 PM EDT) -- California-based Saehan Bank, a subsidiary of Saehan Bancorp, has agreed to pay $2.2 million to settle allegations in a civil case that it made misstatements in order to secure a loan from the U.S. Small Business Administration.

The U.S. Department of Justice on Monday announced the settlement in the U.S. District Court for the Northern District of Oklahoma, saying the deal put to rest the federal government’s counterclaims that the bank had violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act....
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