Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company and Citigroup Inc. after the initial lawsuit was filed under the whistleblower provision of the False Claims Act. The whistleblower in this case was awarded $18 million from the proceeds of the settlement.

“By this agreement we are making an important first step to hold mortgage servicers accountable for fraudulent and abusive practices not only in South Carolina but nationwide. I am proud of the tireless work of this office to investigate this case across the country. We see this historic settlement as one of national importance as our success in this case marks a precedent setting application of the False Claims Act to complex financial fraud. It also demonstrates the role that whistleblowers can play in working with the government to return dollars to the federal treasury and to expose wrongdoing.” – Bill Nettles

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