JPMorgan's $2B Madoff Deal Wins Judge's OK

Law360, New York (January 8, 2014, 6:59 PM EST) -- A New York federal judge on Wednesday approved a $1.7 billion settlement between JPMorgan Chase & Co. and federal prosecutors that allows the bank to avoid charges of failing to warn authorities about Bernard Madoff's Ponzi scheme.

U.S. District Judge Kevin Castel gave his OK to the deferred prosecution agreement at a hearing in Manhattan federal court.

Under the deal, JPMorgan has admitted to failing to file reports on Madoff's activity. The bank will pay $1.7 billion to Madoff victims for its lapse, but will have...
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