JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation, ending a case in which thousands of investors accused the bank of turning a blind eye to the U.S.’s biggest Ponzi scheme.
The accord, reached Jan. 7, was approved today by U.S. Bankruptcy Judge Stuart Bernstein in New York. The deal resolves a lawsuit by the trustee, Irving Picard, and two related class-action cases filed by Madoff victims who accused the bank of negligence.
