JPMorgan’s Legal Tally Grows in Madoff Settlement

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Jan. 7 (Bloomberg) -- Bloomberg News’ Keri Geiger breaks down JPMorgan’s legal tally in its settlement to resolve claims that it played a role in facilitating Bernie Madoff’s ponzi scheme on Bloomberg Television’s “Market Makers.”

Situation runs deep and there are a lot of people affected by the ponzi scheme.

The class-action lawsuit was trying to claw back a lot of that money for the victims.

The settlement is another part of jpmorgan's putting this debacle behind it.

Given the fact that they admitted to it as part of the settlement, what has been impossible for jpmorgan to fight the claims being made by the private plaintiffs?

When a company admits to wrongdoing, it handicaps their ability to fight off a lawsuit.

This is the case for this.

They settled for half $1 billion on this.

That is on top of the 1.7 billion dollars we found out about this morning.

Mamet if we are taught -- if we are talking about the bernie madoff ponzi scheme -- ponzi scheme, it is jpmorgan who did not benefit.

If jpmorgan cell that had a case to make against the private plaintiffs, the government prosecutors have more power than the private plaintiffs.

Yes, there was a statement of fact that jpmorgan admitted to, but as the bank fill that had a case, i can -- i think we can assume that jamie dimon would have pursued that line of argument.

They would have tried to fight it as close to settling on the same day that they announced the settlement with the day -- doj was announced.

It was mf global -- global that they had to find the money from.

Who underwrote it?

Jefferies -- did jefferies have to pay?

I guess that is where i am unsettled.

Jpmorgan ran madoff's accounts for 20 years.

They had suspicions there was wrongdoing and how it was running.

They failed to escalate that.

They admitted this in a statement of fact.

Private plaintiffs -- a gives them a very strong hand to play.


It is a fraction of what they are asking for originally, but it is a substantial amount of money.

Thank you so much.

This text has been automatically generated. It may not be 100% accurate.


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