This past year, the False Claims Act (FCA) continued to be a key tool for the Justice Department and whistleblowers to bring suits against companies, including those in the financial services sector. The Justice Department secured 543 FCA settlements and judgments — a record number — and collected over $2.68 billion. Whistleblowers filed 712 qui tam suits in 2023 and collected over $349 million for filing actions to expose fraud and false claims. With a constant focus on FCA enforcement, the risk to corporations of huge financial penalties under the FCA remains. The government recently made it clear that one of its primary targets for FCA enforcement in the coming years will be cybersecurity fraud, and that companies will be held accountable if they fail to follow federal cybersecurity requirements. Companies in the financial services sector 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. To keep you apprised of the current enforcement trends and the status of the law, Bradley’s Government Enforcement and Investigations Practice Group is pleased to present the False Claims Act: 2023 Year in Review, our 12th annual review of significant FCA cases, developments and trends.
The False Claims Act in 2023: A Government Enforcement Update
