JPMorgan's $218M Madoff Settlement Wins Initial Nod

Law360, Los Angeles (January 13, 2014, 7:25 PM EST) -- JPMorgan Chase & Co. will pay $218 million — a fraction of the claimed damages — to settle a putative class action brought by investors who lost millions in the Bernard Madoff scandal, according to a settlement that garnered a New York federal judge's preliminary approval Friday.

U.S. District Judge Colleen McMahon granted preliminary approval to the deal, which is part of a package of separately negotiated deals to repay the victims of Madoff's Ponzi scheme. The consolidated class action initially wanted JPMorgan to pay $19...
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