JPMorgan Chase to pay $2.6 billion to resolve Madoff allegations

The bank admitted no criminal doings but said it “could have done a better job”

The hammer has come down on J.P.Morgan Chase in connection with Bernie Madoff’s Ponzi scheme, and the price tag is a stiff one: $2.6 billion.

Regulators announced on Jan. 7 that the bank will be expected to pay the sum to resolve charges that it failed to police Madoff’s activities. J.P. Morgan also entered into a pact with prosecutors to provide information in exchange for being absolved from criminal charges.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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