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This site provides news and information about the False Claims Act qui tam whistleblower law, the Tax Whistleblower law and the Securities and Commodities Whistleblower law. On this site you can learn the basics of each law and the process of bringing a case as well as read about the latest developments.

Getnick & Getnick LLP is a Manhattan-based law firm dedicated to business integrity and anti-fraud cases. Our whistleblower cases have resulted in recoveries of over a billion dollars for U.S. taxpayers.
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Thursday, March 27, 2014

Bank of America to Pay $15M to NYS; Former CEO to Pay $10M, Barred for 3 Years

Bank of America reached a settlement with New York State, agreeing to pay $15 million to settle allegations related to the acquisition of Merrill Lynch in 2008.  According to the NY Attorney General’s office, Bank of America withheld material financial information from investors regarding the financial health of Merrill Lynch prior to shareholder approval of the Bank of America-Merrill Lynch merger.  Bank of America also agreed, as part of the settlement, to adopt a multitude of safeguards to protect investors.  Bank of America’s former CEO, Kenneth Lewis, agreed to pay $10 million to the state and will be barred from holding a position as an officer or director of a public company for three years.  According to the AG’s office, this is “one of the first successful attempts by law enforcement to hold accountable a CEO or individual at a major institution since the financial crisis.”

Read the NYT Article, “Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit"
Read the NY AG’s Press Release, “A.G. Schneiderman Announces Former CEO Kenneth Lewis Barred For 3 Years From Serving As Officer Or Director Of Any Public Company"

Posted by eithurburn on 03/27 at 10:02 AM
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Bank of America to Pay $9.3 Billion for Selling Troubled Mortgage-Backed Securities

Bank of America has agreed to pay more than $9.3 billion to settle a suit brought by the Federal Housing Finance Agency alleging that Bank of America, Countrywide, and Merrill Lynch (now both owned by BofA) sold Fannie Mae and Freddie Mac securities backed by troubled mortgages.  Bank of America agreed to buy back some of the mortgage-backed securities that it sold to Fannie Mae and Freddie Mac.  Approximately $3.5 billion of the settlement is allocated for that purpose.

Read the NYT Article, “Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit"
Read the FHFA Press Release, “FHFA Announces $9.3 Billion Settlement With Bank of America Corporation"
Read the FHFA Settlement Agreement

Posted by eithurburn on 03/27 at 08:59 AM
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Friday, March 07, 2014

JPMorgan Chase Pays $614 Million to Resolve FCA Suit

JPMorgan Chase has agreed to pay $614 million to resolve allegations that the bank fraudulently approved and underwrote FHA- and VA-backed mortgage loans that failed to meet the standards of those agencies.  Many of the defective loans have since defaulted or are at risk for default, leaving taxpayers to foot the bill.

In an unusual turn for such cases, JPMorgan Chase admitted to approving defective loans and to failing to inform the FHA and VA when internal reviews revealed hundreds of defective loans.

The case was initiated by Keith Edwards, a former assistant vice president at JPMorgan, in January 2013.  Mr. Edwards will receive $64 million as an award for his efforts.

Read the entire press release, “JPMorgan Chase to Pay $614 Million for Submitting False Claims for FHA-insured and VA-guaranteed Mortgage Loans"
Read the entire article, “J.P. Morgan Whistleblower Gets $64 Million"

Posted by eithurburn on 03/07 at 08:55 AM
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Thursday, February 27, 2014

NY AG Can Proceed with FCA Case against Sprint

A New York appeals court ruled Thursday that a suit alleging that Sprint avoided hundreds of millions of dollars in sales taxes can proceed.  The court affirmed the lower court’s finding that the AG’s complaint sufficiently alleged violations of the New York State False Claims Act.  The appeals court also affirmed the lower court’s decision to retroactively apply the 2010 amendments to the statute, which removed the bar on tax-based FCA actions and made New York the first state to explicitly permit such actions.  The Sprint case is the first action to allege violation of the new tax provisions.

Read the AG’s Press Release, “A.G. Schneiderman Wins Right To Proceed With Groundbreaking Tax Fraud Lawsuit Against Sprint For Approximately $400 Million"
Read the decision, People v Sprint Nextel Corp., 2014 NY Slip Op 01403 (Feb. 27, 2014)
Read our earlier posts on the case, “Judge Denies Sprint’s Motion to Dismiss in New York FCA Tax Case"; “NYS AG Files First FCA Tax Case"

Posted by eithurburn on 02/27 at 10:58 AM
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Thursday, February 20, 2014

U.S. Intervenes in Suit against Tenet and HMA Hospitals

The Justice Department intervened this week in a whistleblower lawsuit against Tenet Healthcare and five hospitals, including one owned by Health Management Associates (HMA).  The hospitals allegedly paid kickbacks to obstetric clinics to encourage the clinics to refer Medicaid patients to their hospitals for delivery services.  The kickbacks were allegedly disguised as payments for services, including interpretation services, purportedly provided by the clinics.  The suit was filed by Ralph D. Williams, the former CFO of the HMA hospital.

Read the DOJ Press Release, “Government Intervenes in Lawsuit Against Tenet Healthcare Corp. and Georgia Hospital Owned by Health Management Associates Inc. Alleging Payment of Kickbacks"
Read the entire article, “Feds Join FCA Kickback Suit Against Tenet, HMA"

Posted by eithurburn on 02/20 at 11:51 AM
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