2nd Circuit Reverses Verdict Ordering Countrywide To Pay $1.27B In Penalties

(May 24, 2016, 11:47 AM EDT) -- NEW YORK — After finding that a jury had no legally sufficient basis on which to find that misrepresentations alleged by the U.S. government were made with contemporaneous fraudulent intent, the Second Circuit U.S. Court of Appeals reversed a judgment ordering a lender and the chief operating officer of its Full Spectrum Lending Division (FSL) to pay $1.28 billion in civil penalties (United States Ex Rel. Edward O'Donnell v. Countrywide Home Loans, Inc., et al., Nos. 15-496, 15-499, 2nd Cir.; 2016 U.S. App. LEXIS 9365)....
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