AG Matthew J. Platkin announced that the State of New Jersey secured over half a million dollars from a surety company, International Fidelity Insurance Company (IFIC), and its parent, I.A.T. Insurance Group (IAT), to resolve a whistleblower lawsuit accusing them of improperly keeping monies of New Jersey residents in the form of unused collateral in violation of the New Jersey False Claims Act and the New Jersey Uniform Unclaimed Property Act. The suit alleges that for years, IFIC withheld New Jersey residents’ unused collateral that should have been available to claim through New Jersey’s Unclaimed Property Administration (UPA). IFIC, which IAT acquired in 2018, engages in the business of producing or underwriting construction surety bonds, commercial surety bonds, subdivision bonds, and customs bonds. The whistleblower, Anthony Manganiello, was formerly employed by IFIC, and his responsibilities included reviewing the company’s collateral accounts as part of the due diligence process for IAT’s acquisition of IFIC.

AG Platkin Recovers Over $500,000 in False Claims Act Settlement – New Jersey Office of Attorney General