§4225 — Title 12 Banks and Banking | U.S. Code

Summary

People who file a proper declaration under the law get several specific rights. If the Attorney General decides the case should go to private lawyers under subchapter III, the person who filed the declaration may pick the lawyer after talking with the Attorney General, and both the person and their lawyer must follow subchapter III. If the United States recovers assets named in the valid declaration and the Attorney General finds the recovery would not have happened without the declaration, the filer can share in the money recovered: 20% to 30% of the first $1,000,000, 10% to 20% of the next $4,000,000, and 5% to 10% of the next $5,000,000. A person cannot get both this award and a reward under section 1831k of this title or section 3509A of title 18 for the same or similar information; they may notify the Attorney General in writing to choose which to seek. Declarant — the person who filed the required declaration. Funds recovered by Federal banking agencies or the Resolution Trust Corporation are not counted as United States recoveries here, except civil money penalties a Federal banking agency recovers by final judgment, order, or settlement.

Title 12, §4225

Banks and Banking — Source: USLM XML via OLRC

(a)A person who has filed a declaration that meets the requirements of sections 4221 through 4224 of this title shall have the rights stated in this section.

(b)If the Attorney General determines that a proceeding to recover the asset or assets identified in the declaration should be referred to private counsel pursuant to subchapter III, the declarant, after consultation with the Attorney General, shall have the right to select counsel to prosecute the action, and the declarant and the declarant’s counsel shall act in accordance with subchapter III.

(c)When the United States recovers any asset or assets specifically identified in a valid declaration filed under section 4221 of this title and the Attorney General determines that the asset or assets would not have been recovered if the declaration had not been filed, the declarant shall have the right to share in the recovery in the amount of 20 percent to 30 percent of any recovery up to the first $1,000,000 recovered, 10 percent to 20 percent of the next $4,000,000 recovered, and 5 percent to 10 percent of the next $5,000,000 recovered.

(d)(1)No person shall receive both an award under this section and a reward under either section 1831k of this title or section 3509A 11 See References in Text note below. of title 18 for providing the same or substantially similar information.

(2)When a person qualifies for both an award under this section and a reward under either section 1831k of this title or section 3509A 1 of title 18 for providing the same or substantially similar information, the person may notify the Attorney General in writing of the person’s election to seek an award under this section or a reward under such other section.

(e)For purposes of this section, funds or assets acquired by the United States shall not include any funds or assets acquired by any appropriate Federal banking agency acting in any capacity or the Resolution Trust Corporation acting in any capacity, except for any civil money penalties recovered by a Federal banking agency through a final judgement, order, or settlement.

Editorial Notes

References in Text

Section 3509A of title 18, referred to in subsec. (d), probably is a reference to former section 3059A of title 18, which was repealed by Pub. L. 107–273, div. A, title III, § 301(c)(2), Nov. 2, 2002, 116 Stat. 1781.

§4225 Rights of Declarants; Participation in Actions, Awards

Summary

Title 12, §4225

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata