By Christina Rexrode

Edward O'Donnell, the former Countrywide Financial Corp. executive who filed a whistleblower lawsuit against his former firm, will collect nearly $58 million for a separate lawsuit against Bank of America Corp.

Mr. O'Donnell is known for his role as a witness in a 2013 trial in which the U.S. successfully accused the bank of churning out mortgages in a Countrywide program known as Hustle. Mr. O'Donnell had also accused the bank in his own 2012 lawsuit of misleading Fannie Mae and Freddie Mac, which bought some of the mortgages, about their quality.

The U.S. Attorney's Office in Manhattan used Mr. O'Donnell's allegations as the basis of its lawsuit against the bank later that year.

Mr. O'Donnell's reward, disclosed in a court filing this week, is related to a separate lawsuit that he filed under seal this June against Countrywide and Bank of America, in district court in Manhattan. At the time, the bank's negotiations with the Justice Department over a broad mortgage-securities settlement were already well under way.

When that settlement, for $16.65 billion, was announced in August, it folded in Mr. O'Donnell's sealed complaint. Of the $16.65 billion, $350 million went toward settling Mr. O'Donnell's complaint.

According to those documents, unsealed this week, Mr. O'Donnell will receive 16% of that settlement, or $56 million. He will also receive an extra $1.6 million. The court documents didn't say how that number had been reached or why it was being given.

The June allegations echo much of Mr. O'Donnell's original Hustle complaint.

"This matter has been fully resolved," a bank spokesman said, and in reference to Mr. O'Donnell's recently unsealed allegations said that the bank "won't comment on unfounded assertions like these."

Mr. O'Donnell worked for Countrywide, and later Bank of America, from 2003 to 2009. Bank of America bought Countrywide in 2008.

Mr. O'Donnell later worked at Fannie Mae--one of the entities that he said was defrauded by the bank. His lawyer, David Wasinger, said he had left Fannie Mae within the past two or three weeks. Mr. Wasinger declined to say why.

Mr. O'Donnell's original Hustle accusations led to the high-profile case against the bank. A jury last year found the bank liable for fraud in that case, and a judge in July ordered the bank to pay a $1.27 billion penalty.

The bank has said it plans to appeal the Hustle ruling.

Mr. Wasinger said there may also be a financial reward for Mr. O'Donnell's role in the Hustle case.

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