Law360, New York (March 13, 2012, 1:17 PM EDT) -- JPMorgan Chase Bank NA has agreed to pay $45 million to settle a Georgia whistleblower suit over alleged illegal fees in government-backed loans that defrauded military veterans and taxpayers of hundreds of millions of dollars, plaintiffs' counsel announced Tuesday.
The bank is just one of several large financial firms named as defendants in the suit, originally lodged by mortgage brokers Victor Bibby and Brian Donnelly in 2006. The complaint claims the banks and mortgage companies engaged in a "brazen scheme" to overcharge veterans who refinanced existing home loans guaranteed by the U.S. Department of Veterans Affairs.
The government will receive $33.3...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!