JPMorgan Admits Lapses In $2.6B Madoff Settlements

Law360, New York (January 7, 2014, 11:12 AM EST) -- JPMorgan Chase & Co. on Tuesday agreed to pay over $2.6 billion and admitted that it failed to warn law enforcement officials about Bernard L. Madoff's $65 billion Ponzi scheme in a series of settlements with the U.S. government and the trustee liquidating Madoff's investment firm.

According to the U.S. Attorney for the Southern District of New York Preet Bharara's office and the New York office of the FBI, JPMorgan admitted to conduct that constitutes violations of the Bank Secrecy Act, including "failure to maintain an...
To view the full article, register now.