Hagens Berman: Two Bank of America Fraud Whistleblowers Settle Claims, Including Former LandSafe/Countrywide Employee Who Earned $14 Million Reward -- BAC

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Hagens Berman: Two BofA Fraud Whistleblowers Settle Claims, Including Former LandSafe/Countrywide Employee Who Earned $14 Million Reward — BAC

Hagens Berman: Two BofA Fraud Whistleblowers Settle Claims, Including Former LandSafe/Countrywide Employee Who Earned $14 Million Reward — BAC

MarketWatch-

Attorneys representing former home appraisal manager Kyle W. Lagow, who blew the whistle on widespread fraud at Countrywide Financial, today announced the final settlement of Mr. Lagow’s whistleblower action. Mr. Lagow’s whistleblower suit sparked an investigation culminating in the historic $1 billion settlement between the Department of Justice and Bank of America BAC +4.06% , a settlement that was itself part of the larger global bank settlement announced last month, the second largest government civil settlement in history.

Also announced was final settlement of fraud claims by Gregory Mackler, a whistleblower who challenged Bank of America’s fraudulent handling of the Home Affordable Modification Program meant to help millions of struggling homeowners. His claim, which led to the return of over $6 million to the Department of Treasury from Bank of America, was also part of the global bank settlement.

Lagow worked at LandSafe, Inc., an appraisal company owned by Countrywide Financial and ultimately acquired by Bank of America, from 2004-2008. According to his unsealed complaint, Mr. Lagow observed widespread disregard for laws that regulate Federal Housing Administration (FHA) underwriting and home appraisals.

[MARKET WATCH]

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