Another Bank of America whistleblower in line for $56m

Robert Madsen, one of four whistle-blowers in the federal government’s $16.65bn civil settlement with Bank of America, said keeping secret his cooperation with federal prosecutors for nearly four years had not been easy.

“It’s not a fun and pleasant experience,” said Madsen, 47, a former employee of LandSafe, a property appraisal company that is a subsidiary of Bank of America. “You are under a court ordered seal and you have all this stress.”

The New York Times reports that for his efforts, Madsen is being rewarded.

Madsen said federal prosecutors would pay him $56m, out of the $16.65bn Bank of America agreed to pay in August to settle claims arising from the investigation into the bank’s mortgage lending and mortgage securitization business. The specific terms of Mr. Madsen’s settlement with the federal government remain sealed.

ITo access the complete New York Times article hit the link below:

Another Whistle-Blower in Bank of America Case Set to Collect Millions

Morgan Stanley and Bank of America, Five Years on

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