Whistleblower Keith Edwards will be paid $63.9 million for his information that led to JPMorgan Chase & Co. agreeing to pay $614 to settle charges that it defrauded the government into insuring defective home loans.
JPMorgan admitted in February that for more than a decade, it submitted thousands of mortgages for insurance by the Federal Housing Administration or the Department of Veterans Affairs that did not qualify for government guarantees.
Edwards, a Louisiana resident, had worked for JPMorgan from 2003-2008 and was an assistant Vice President supervising a government insuring unit. He sued in 2013 under the Federal False Claims Act, which allows individuals to sue for defrauding Uncle Sam and recover a portion of any settlement or verdict.
Jeffrey Newman represents whistleblowers.