Financial Firms Cheated Vets With Hidden Fees: FCA Suit

Law360, New York (October 4, 2011, 10:04 PM EDT) -- A whistleblower suit unsealed Tuesday in Georgia federal court accused Bank of America Corp., JPMorgan Chase & Co. and several other financial firms of defrauding U.S. military veterans and taxpayers of hundreds of millions of dollars by hiding illegal fees in government-backed loans.

The suit, originally lodged by mortgage brokers Victor Bibby and Brian Donnelly in 2006, claims the banks and mortgage companies engaged in a "brazen scheme" to overcharge veterans who refinanced their existing home loans, which were guaranteed by the Department of Veterans Affairs,...
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