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In Win for Financial Services Industry, Second Circuit Limits Use of FCA to Enforce Banking Regulations

In United States ex rel. Bishop v. Wells Fargo & Co., 823 F.3d 35 (2d Cir. 2016), the Second Circuit rejected an attempt to use the False Claims Act (“FCA”) as an enforcement mechanism for banking regulations in the lead-up to the 2008 financial crisis. Expressing deference to the federal government’s role in maintaining the stability of financial markets, the Second Circuit declined to hold that the defendant banks’ broad representations of regulatory compliance gave rise to FCA liability. The case represents a victory for the financial services sector. Continue

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