Law360, Los Angeles (July 8, 2016, 11:51 PM EDT) -- A real estate agent asked a Ninth Circuit panel Friday to restore his whistleblower suit accusing Wells Fargo, JPMorgan Chase and others of fraudulently obtaining federal mortgage insurance on deceptively priced home loans, saying changes easing the False Claims Act’s public disclosure bar should be retroactively applied to his claims.The case stems from a complaint relator Brian Hastings filed under seal in April 2012, accusing the banks of False Claims Act violations for endorsing federally insured mortgages that fraudulently forced homebuyers to pay back down payment "gift fees," resulting in inflated prices. Hastings said the suit is based on evidence gathered in... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Wells Fargo and JP Morgan may face a renewed whistleblower suit from a real estate agent who has accused the banks of fraudulently obtaining federal mortgage insurance on deceptively priced home loans. The 9th Circuit will now have the task of deciding if this case will move forward.