The False Claims Act (FCA) continued to be a key tool in 2022 for the Justice Department and whistleblowers to bring suits against companies, including those in the financial services sector. While the focus stayed largely on the healthcare industry, the risk to corporations of huge financial penalties under the FCA remains. The number of suits filed by whistleblowers rose to 652 in 2022, and whistleblowers collected more than $488 million for filing actions to expose fraud and false claims. Companies must continue to take the necessary steps to prevent FCA violations and be particularly mindful of potential whistleblowers who stand to have significant paydays in the event of a successful FCA claim.
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