Former Countrywide Home Appraiser Receives $14.5 Million Whistleblower Reward
A former home appraiser for Countrywide (“Countrywide”) Financial will receive a $14.5 million whistleblower reward in connection with a qui tam lawsuit that alleged Countrywide fraudulently inflated appraisals on government insured loans.
The Countrywide qui tam suit, filed by Mr. Kyle Lagow in 2009, was one of five whistleblower complaints that were settled as part of the $25 billion national mortgage settlement that state and federal officials reached with Bank of America and four other lenders this year. Mr. Lagow’s suit was settled for $75 million.
All five qui tam complaints were brought under the whistleblower provisions of the federal False Claims Act, which is a longstanding federal statute that authorizes a private citizen with knowledge of fraud being perpetrated on the federal government to bring a lawsuit on the government’s behalf. If the whistleblower’s suit is successful, the whistleblower may be entitled to up to 30% of the government’s monetary recovery. The False Claims Act also provides for certain protections for employees who are subjected to retaliation for reporting fraud.
Kenney & McCafferty lawyers are experienced in the area of mortgage fraud. If you have knowledge of mortgage fraud and would like to discuss the possibility of a whistleblower award, please contact our attorneys today. Kenney & McCafferty will consult with you about your case, including your ability to remain anonymous in filing for an award, without obligation. All communications with Kenney & McCafferty attorneys regarding your case are confidential and protected by the attorney-client privilege.
This entry was posted on Wednesday, May 30th, 2012 at 9:55 pm and is filed under Bank Fraud, bank whistleblower, corporate fraud, False Claims Act, government fraud, mortgage fraud, Recent News, retaliation, Whistleblower Protection. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.