New York Becoming the Leading Venue for Financial Fraud Whistleblower Suits

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New York is quickly becoming the venue of choice for financial fraud whistleblowers suing under the False Claims Act (FCA). In this “BNA Insight” published in Bloomberg/BNA’s Banking Report, authors Ross Morrison, Matthew Previn, and Andrew Schilling of Buckley Sandler’s New York office, explain why venue in significant FCA cases is more likely to turn on the district where relators and their counsel conclude is the most likely to produce the largest payout in the shortest time. Just as Massachusetts is the venue of choice for health care fraud cases, with its experienced Health Care Fraud Unit and proven track record, New York is becoming the go-to venue for financial fraud FCA cases. US Attorneys offices in Manhattan and Brooklyn have distinguished themselves in financial fraud cases, with the Southern District’s Civil Frauds Unit having filed seven major civil fraud cases against financial institutions including six major FCA cases. The US Attorney in Brooklyn has special expertise in mortgage fraud cases, and settled the single largest FCA case involving civil mortgage fraud, with a $1 billion settlement. Moreover, in New York, the government pursues cases faster than the average year to two years. The authors provide examples of settlements reached in financial fraud qui tam suits, and predict that if the present trend continues, banks will find themselves facing FCA investigations and litigation in New York.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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