The Blog of Legal Times
By Andrew Ramonas, Legal Times, @andrewramonas
Feds Collect $24.7B in Penalties—Mostly From Big Banks
The money flows mostly from deals JPMorgan Chase & Co. and Citigroup Inc. reached to settle financial fraud claims stemming from the 2008 financial crisis. The settlements with the banks accounted for $20 billion of DOJ's collection.
The Justice Department also pulled in millions of dollars from ATM maker Diebold Inc. in a Foreign Corrupt Practices Act case and auto parts manufacturer Bridgestone Corp. in a price-fixing case, among other matters.
Holder said in a statement:
Every day, the Justice Department’s federal prosecutors and trial attorneys work hard to protect our citizens, to safeguard precious taxpayer resources, and to provide a valuable return on investment to the American people. Their diligent efforts are enabling us to achieve justice and recoup losses in virtually every sector of the U.S. economy.Holder in his statement urged “leaders from both parties to come together to increase investments in this critical work—so we can ensure that the Justice Department will continue to have the resources we need to build on these efforts.”
Sen. Patrick Leahy, D-Vt., chairman of the Senate Judiciary Committee, said Congress should support the Fighting Fraud to Protect Taxpayers Act, which he and Sen. Chuck Grassley of Iowa, the top Republican on the panel, introduced to boost government efforts to combat fraud.
"Congress can and should do more to ensure that law enforcement can prosecute these crimes," Leahy said in a written statement.
Of the $24.7 billion collected, $13.7 billion went to the Justice Department and $11 billion ended up outside the agency in the coffers of other agencies and entities.
DOJ collected about $8.1 billion in fiscal 2013. The department kept $5.5 billion, while the remaining $2.6 billion went to other recipients, including state governments.
Read more: http://www.nationallawjournal.com/legaltimes/id=1202676887131/Feds-Collect-247B-in-PenaltiesmdashMostly-From-Big-Banks#ixzz3JjQ2U5qC
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