Whistleblower Receives $57M Award in Second Lawsuit Against Bank of America
Edward O'Donnell, an ex-Countrywide Financial Corp. executive, will receive $57 million for a second whistleblower lawsuit accusing Bank of America Corp of bilking Freddie Mac and Fannie Mae through the sale of home loans.
The case became known as the “Hustle” case due to Bank of America process through which the loans were sold. “Hustle” referred to HSSL, which stands for high-speed swim lane.
Bank of America consented to settle the case for $350 million as part of a wider $17 billion deal to settle mortgage fraud claims.
For filing his whistleblower lawsuit, O'Donnell’s share is 16% of the recovery plus another $1.6 million. His award comes from the part of the settlement, which the bank reached with federal prosecutors and the states of Illinois, New York, California, Maryland, Delaware, and Kentucky.
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