JPMorgan Chase & Co. boosted legal reserves following accords tied to the collapse of Bernard Madoff’s Ponzi scheme and said the cost of settlements reduced fourth-quarter net income by about $850 million.
The bank added about $400 million to litigation reserves in the 2013 fourth quarter on a pretax basis, the New York-based company said today in a regulatory filing. JPMorgan is the largest U.S. bank by assets.
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