JPMorgan Settles With U.S. Government Over Role In Madoff Schemes

Jan 7, 2014
Originally published on January 7, 2014 8:40 pm

JPMorgan Chase has agreed with the U.S. government to settle criminal charges that it failed to report suspicious activity in Bernard Madoff's accounts. The settlement comes to $2.6 billion, but a representative for Madoff's victims says the amount is too small. Madoff bilked investors out of many billions of dollars while JP Morgan Chase was his primary bank.