Law360 reported on oral argument in a significant New Jersey False Claims Act case in which McKool Smith principal Daniel Levy participated. The complaint filed on behalf of McKool Smith’s client Edelweiss Fund LLC alleges that Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley and Wells Fargo & Co. defrauded the State of New Jersey and various subdivisions of the State in the manner in which these financial institutions reset rates on a type of municipal bond known as a variable rate demand obligation. Damages alleged in the case are more than $100 million. Read the article here for more details.
