Keith Edwards, a former JPMorgan employee, sued the bank in January of 2013 under the False Claims Act. He provided tips which kicked off a case against JPMorgan, including allegations of the bank falsely certifying Federal Housing Administration and the Department of Veterans Affaris loans as early as 2002. As a consequence, those agencies suffered 'substantial losses'.
Last month, JPMorgan agreed to pay $614m to settle the case with the agencies, admitting its errors. In addition, the bank said it would enhance its quality control program for loans submitted in the future.
Keith Edwards was awarded $63.9m. A resident from Louisiana, he had worked at JPMorgan or its predecessors from 2003-2008. In fiscal 2013 alone, the Justice Department secured $3.8bn in settlements and judgments from False Claims Act cases.
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