JPMorgan whistle-blower gets $63.9m

Blowing Whistle

Not bad for blowing the whistle.

A Louisiana man who helped U.S. federal prosecutors make their case against JPMorgan Chase’s mortgage lending practices has earned $63.9 million for his efforts.

The New York Times reports that the government will pay the amount to Keith Edwards, the whistle-blower who originally sued the bank last year, according to a filing in a United States District Court in Manhattan on Friday.

Last month, the bank agreed to pay $614m to settle charges that it violated rules at the Federal Housing Administration and the Department of Veterans Affairs, which insure mortgages made by lenders. The bulk of the settlement, $564.6m, went to the F.H.A.

Edwards will receive $56.46m from the F.H.A. and the remainder from the settlement reached in the Veterans Affairs case.

Edwards, worked for JPMorgan from 2003 to 2008, helped oversee JPMorgan’s government insurance unit as it related to residential lending, and said that the bank pushed defective loans onto the two agencies.

Hit the link below to access the complete New York Times article:

Whistle-Blower Gets $63.9 Million as a Result of JPMorgan Settlement

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images: © Steven Depolo, © Steven Depolo

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