Daily News: January 8, 2014

Bloomberg: JPMorgan to Pay $2.6B Over Madoff Lapses

Bloomberg reported JPMorgan Chase will pay $2.6 billion to resolve criminal and civil allegations that it failed to stop Bernard Madoff’s Ponzi scheme.

Bloomberg said further JPMorgan avoided prosecution by acknowledging in an accord with the U.S. that it ignored red flags for almost two decades that Madoff used his account there to run a fraud. The bank will pay $1.7 billion to settle the government’s allegations, $350 million in a related case by the Office of the Comptroller of the Currency, plus $543 million to cover separate private claims, the firm said today in a filing, em> Bloomberg added.

Previously on abfjournal: NYT: JPMorgan Nears $2B Deal in a Case Tied to Madoff, January 6, 2014

To read the entire Bloomberg article, click here.