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Goldman Sachs to Settle Mortgage Fraud Issues for $5.1 Billion

Goldman Sachs announced a tentative agreement yesterday with the Department of Justice, two state governments and a few other entities concerning federal and state investigations into the investment bank’s mortgage-backed securities practices prior to the financial crisis. Goldman is going to pay a $2.4 billion civil monetary penalty as well as provide consumer relieve including...

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Employment Class Action Settlements Set Record in 2015 Amidst Tidal Wave of FLSA Lawsuits

Class Action Litigation Report Settlements in all types of workplace class actions in 2015 reached an all-time high of $2.48 billion according to the 12th Annual Workplace Class Action Litigation Report published by Seyfarth Shaw, a law firm representing employers in the defense of workplace lawsuits. The report identifies and analyzes key trends and settlements...

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ETFS and Variable Annuities Added to SEC Exam Priorities in 2016

Exchange Traded Funds and Variable Annuities Expect the Securities and Exchange Commission to take a harder look at whistleblower tips related to Exchange Traded Funds and Variable Annuities after adding these two categories to its examination priorities for 2016 at the Office of Compliance Inspections and Examinations. The OCIE administers examinations of broker-dealers, investment advisers,...

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Morgan Stanley Pays $8.8 million to SEC for Prearranged MBS Trading

Morgan Stanley Agrees to Settlement Morgan Stanley Investment Management has agreed to pay $8.8 million to resolve an investigation into mortgage backed securities that its portfolio manager parked at a broker before buying back the securities into other customer accounts on favorable terms. The brokerage firm, SG Americas, has agreed to pay more than $1...

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Four Settlements Highlight Justice Dept’s Health Care Actions

End of the Year Settlements It must be the last weekend before Christmas because health care companies are looking to resolve government investigations into their wrongdoing before we leap into the new year! In the last two days, we’ve now seen four multi-million dollar settlement announcements in False Claims Act cases. A pharmaceutical company settled...

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JP Morgan Pays Massive $367 to Settle Client Steering Probes by SEC, CFTC

Settlement Agreements for JP Morgan An investigation into the adequacy of disclosures to clients of its wealth management business has resulted in a settlement of $367 million with U.S. securities regulators to resolve their investigations into the practices at JPMorgan. JPM clients were steered toward certain mutual funds and hedge funds without disclosing the bank’s...

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Reminder: CA and IL Allow Insurance Fraud Whistleblowers

Insurance Fraud Whistleblowers The majority of work we do for whistleblowers reporting health care fraud involves cases of fraud against the US Government’s Medicare and Medicaid programs under the False Claims Act. However, a recent press release from an attorney settling a case in California reminds us that there are two states which allow private...

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CFTC Fines Total $3.6 Million for Natural Gas Manipulation

The U.S. Commodity Futures Trading Commission will settle an investigation into manipulation of the natural gas market with a subsidiary of French oil company Total SA and a Houston gas trader for $3.6 million, according to a press release today. The company was accused of manipulating monthly index settlement prices through natural gas prices at...

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SEC Investigates Collusion in Harmful Credit Default Swaps

Bloomberg is reporting that investment banks are under investigation by the Securities and Exchange Commission for manipulation of the credit default swap market. Employees or former employees of investment banks with information about their price manipulation or collusion in the CDS market should consider contacting an attorney for assistance reporting the evidence to the SEC...

Close-up of United States Currency, representing The Hefty High Price of Attempted Whistleblower Retaliation, SEC, and whistleblower rewards

Whistleblower Rewards Exceed $597 Million in FY 2015

Whistleblower Rewards are High Whistleblowers helped the Justice Department recover $2.8 billion in fiscal year 2015. For their assistance, they received nearly $600 million in rewards, which I believe is a record. The largest area of recoveries was in the health care industry. Total payments in cases to the federal government for health care fraud reached $1.9...

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