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March 10, 2014

Whistle-Blower Gets $63.9 Million as a Result of JPMorgan Settlement

“A Louisiana man who helped federal prosecutors make their case against JPMorgan Chase’s mortgage lending practices has earned $63.9 million for his efforts.

“The government will pay the amount to Keith Edwards, the whistle-blower who originally sued the bank last year, according to a filing in a United States District Court in Manhattan on Friday.

“Last month, the bank agreed to pay $614 million to settle charges that it violated rules at the Federal Housing Administration and the Department of Veterans Affairs, which insure mortgages made by lenders. The bulk of the settlement, $564.6 million, went to the F.H.A.

“Mr. Edwards will receive $56.46 million from the F.H.A. and the remainder from the settlement reached in the Veterans Affairs case.”

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Read full NY Times article here.

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