BANK OF AMERICA WHISTLEBLOWER WILL GET $930,000


A former Bank of America employee is set to get $930,000 from his former firm for retaliation in violation of the protection afforded to whistleblowers for providing inside information about fraud or violations of the rules and regulations of the U.S. Securities and Exchange Commission (SEC).

The employee provided information about fraud at Countrywide Financial Corporation, which was taken over by Bank of America. The information resulted in the discovery of “pervasive wire, mail and bank fraud involving Countrywide employees,” according to the U.S. Department of Labor. The employee was let go shortly after Countrywide was taken over by the bank. In addition to the $930,000 in damages awarded to the whistleblower, Bank of America must reinstate him to his former position. The damages include back wages, interest, compensatory damages and attorney fees.

The Labor Department’s Occupational Safety and Health Administration assistant secretary, David Michaels, said "It’s clear from our investigation that the Bank of America used illegal realiatory tactics against this employee. This employee showed great courage reporting potential fraud and standing up for the rights of other employees."

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