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JPMorgan Sees $850 Million Fourth-Quarter Cost of Madoff Accords

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JPMorgan Chase & Co. NY Offices
JPMorgan Chase & Co. 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. Photographer: Peter Foley/Bloomberg

Jan. 7 (Bloomberg) -- 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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To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net

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