Whistleblower Receives $57M Award in Second Lawsuit Against Bank of America

Posted on February 4th, 2015 at 10:57 AM
Whistleblower Receives $57M Award in Second Lawsuit Against Bank of America

From the Desk of Jim Eccleston at Eccleston Law Offices:

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.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Freddie Mac, Fannie Mae, Edward O'Donnell, Bank of America

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

January 25, 2022
Top FINRA Initiatives For 2022

A host of new initiatives are ahead in 2022 at the Financial Industry Regulatory Authority (FINRA), according to CEO Robert Cook.

January 24, 2022
FINRA Set To Issue Crypto Notice And Consider Expungement Reform

The Financial Industry Regulatory Authority (FINRA) is set to issue a regulatory notice pertaining to cryptocurrency as well as expungement reform.

January 21, 2022
CFP Board Establishes New Appeals Commission

The Certified Financial Planner (CFP) Board of Standards has established a new Appeals Commission. As the name suggests, the Appeals Commission possesses the sole authority to adjudicate appeal hearings.