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

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