Big Sky Bank has received a $2.5 billion bonus, according to a new settlement reached with the U.S. Department of Justice.
Big Sky Bank, which operates the Big Sky National Forest, was the first bank to be charged in a class action lawsuit alleging the bank improperly paid bonuses to employees in violation of the Bank Secrecy Act.
In February 2018, the department charged Big Sky with violating the Bank Fraud and Abuse Act.
A year later, the bank was fined $3.5 million and fined $1 million.
In July 2020, the Department of the Treasury’s Civil Division issued a $3 million fine to Big Sky.
The settlement requires Big Sky to pay $2 million in fines and to pay back $1.8 million to the government.
It also requires the bank to institute an annual “commitment of corrective action” for employees who have received bonuses under the terms of the settlement.
In a statement, the company said: “Big Sky has committed to providing a comprehensive set of corrective actions to employees and their families, including the creation of a new program, The Big Sky Reward Program, to support employees and employees’ families.”