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Author Archives: Lorenzo Cellini

Regions Bank Agrees To Pay $52.4 To Settle False Claims Act Case Alleging Misconduct In Connection With FHA-Insured Mortgage Lending

On September 13, 2016, the U.S. Department of Justice announced that Alabama-based Regions Bank agreed to pay $52.4 million to resolve allegations that the bank violated the False Claims Act by falsely certifying that mortgage loans insured by the Federal Housing Administration (FHA) were underwritten according to, and complied with, requirements of the U.S. Department of […]

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Goldman Sachs To Pay $5 Billion To Settle Mortgage-Backed Securities Fraud Claims

Goldman Sachs is the latest of a string of financial institutions to reach a settlement with federal and state officials to resolve allegations of fraud in connection with the underwriting and sale of mortgage-backed securities.  The firm recently announced that it has agreed to pay a total of $5 billion to resolve these allegations.  The […]

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Senate Approves the Motor Vehicle Safety Whistleblower Act

The United States Senate recently approved new legislation extending whistleblower rights and protections to the field of automotive safety.  In light of public outrage sparked by the General Motors defective ignition switches and Takada exploding airbags scandals—and the fact that the Department of Transportation was apparently caught flat-footed when the scandals broke—the Senate enacted legislation […]

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Bank of New York Mellon Agrees To Pay $714 Million to Resolve Claims Regarding Foreign Exchange Fraud

On March 20, 2015, the Attorney General of New York announced that a $714 million settlement had been reached to resolve allegations that the Bank of New York Mellon (“BNYM”) falsely told investors that it offered the “best rates” on securities trading involving foreign exchanges, even though BNYM allegedly assigned investors the worst rates, while […]

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U.S. ex rel. Rille v. Pricewaterhousecoopers LLP: Government Takes Unduly Harsh Position On Whistlblowers’ Right To Award In Pending En Banc Appeal

Whistleblowers risk their careers, livelihoods, and in some instances their own safety, to expose fraud on the Government.  Coming forward with information that one’s current or former employer (or anyone else) may be defrauding the Government is a serious and difficult task—not only because it requires courage and conviction, but also because just getting the […]

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The Government’s Entire Civil Anti-Fraud Arsenal On Display In Historic Settlement With Bank Of America

The Government recently entered into a massive settlement with Bank of America and its affiliated entities related alleged wrongdoing by the bank in connection with the packaging and sale of residential mortgage-backed securities that contributed to the Great Recession of 2008. The settlement, valued at $16.65 billion, is the largest civil settlement between the Government […]

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FIRREA and FIAFEA: A Novel Approach To Protecting Financial Institutions From Themselves

In a matter of first impression, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York ruled that the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) not only prohibits fraud perpetrated by a third party that harms a financial institution, but also renders unlawful fraudulent conduct committed […]

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