Banking On Fraud: Using FCA To Target Financial Industry

Law360, New York (April 18, 2012, 12:54 PM EDT) -- The federal False Claims Act,[1] a Civil War-era federal statute intended to punish the submission of false claims to the United States, has traditionally been employed against participants in the most prominent federal programs, such as health care providers and federal contractors (including defense contractors and construction companies).

In the aftermath of the recent financial crisis, however, federal prosecutors and private whistleblowers utilizing the FCA’s powerful damages and penalty provisions (including treble damages, up to $11,000 per claim and attorneys fees) have recently turned their focus to...
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