JPMorgan to Pay $1.7 Billion For Madoff Scheme Role
This article is for subscribers only.
JPMorgan Chase & Co. agreed to pay $1.7 billion to settle U.S. claims that it facilitated Bernard Madoff’s Ponzi scheme, the largest in U.S. history, resolving yet another legal obstacle facing the embattled bank.
JPMorgan, the biggest bank in the U.S. by assets, entered into a deferred-prosecution agreement with Manhattan U.S. Attorney Preet Bharara, acknowledging oversight lapses related to an account Madoff used to fund his multibillion-dollar fraud. Separately, the bank agreed to pay $543 million to resolve private claims over losses tied to the scheme, according to a person with direct knowledge of the matter.