Bank of America to pay fired whistleblower $930,000 [View All]

[ProSense]

Source: Reuters

WASHINGTON (Reuters) - Bank of America Corp must reinstate a Countrywide whistleblower fired shortly after the two companies merged in 2008 and pay the employee $930,000, the Labor Department said on Wednesday.

The employee, whose name was not given, led internal investigations that found widespread fraud involving Countrywide employees. Reporting fraud to Countrywide's Employee Relations Department led to retaliation, the employee told the Labor Department.

"It's clear from our investigation that Bank of America used illegal retaliatory tactics against this employee," Occupational Safety and Health Administration Assistant Secretary David Michaels said in a statement.

Bank of America has had a rash of problems related to its 2008 purchase of Countrywide Financial Corp, a major subprime lender accused of churning out loans to high-risk borrowers with little effort to check incomes or ability to repay.


Read more: http://news.yahoo.com/bank-america-pay-fired-whistleblower-930-000-211617907.html