JP Morgan Settles Whistleblower Lawsuit for $45 Million
JPMorgan Chase & Co agreed to pay $45 million to settle a whistleblower lawsuit that alleged it charged hidden fees to veterans who were refinancing their mortgages.
The consumer fraud lawsuit was filed in 2006 in Georgia by two mortgage brokers. They seek compensation on behalf of the U.S. government from eight mortgage companies and banks.
According to Reuters, the settlement was “part of the national mortgage settlement over foreclosures abuses reached with JPMorgan and four other lenders last month.” The bank also settled four other whistleblower lawsuits for $182 million.
Other banks with pending litigation over similar claims include Wells Fargo & Co, Bank of America Corp., and Citigroup Inc.