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Non-Tech : Bank of America

BAC 54.26

-0.5%

Dec 18 4:00 PM EST

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From: Sr K	12/21/2014 7:09:40 PM
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wsj.com There is a new winner in the biggest bank settlement to come out of the financial crisis: whistleblowers. Four whistleblowers will collect a total of more than $170 million for helping investigators get a record $16.65 billion penalty against Bank of America Corp. , among the biggest such payouts to tipsters in history. The payments, to three individuals and a small New Jersey mortgage company, are in exchange for the whistleblowers’ cooperation in a probe into Bank of America’s mortgage practices in the years leading up to the financial crisis. The whistleblower lawsuits accuse the bank or the firm it acquired in 2008, Countrywide Financial Corp., of misdeeds like inflating the value of mortgage properties and selling defective loans to investors. The payments, which were sent out this week, also underscore how the bank’s purchase of Countrywide continues to haunt the Charlotte, N.C., firm.

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