In The News Today - December 19, 2014

December 19, 2014

Gulf Oil Spill claims administrator Patrick Juneau set a June 8, 2015 deadline for individuals and businesses to claims as part of BP’s estimated $9.7 billion settlement. This comes as BP continues its legal fight to require businesses “to prove their losses were directly caused by the spill to qualify for payment.” (The Times Picayune)

A man who was “one of four whistle-blowers in the federal government’s $16.65 billion settlement with Bank of America,” is set to receive a reported $56 million from the settlement, although the specific terms of the settlement are sealed. (New York Times)

The Wall Street Journal today details how the discovery by an Assistant U.S. Attorney of an internal memo about JP Morgan’s loan practices led to the Justice Department going after the bank “with an unusually potent law created to clean up the savings-and-loan crisis of the 1980s.” The law has a “lower burden of proof than other laws used by the agency to punish alleged fraud, a much longer statute of limitations and potentially astronomical financial penalties.” (Wall Street Journal)