Judge approves JPMorgan's $543 million settlement with Madoff

JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s firm was approved by a federal bankruptcy judge, ending a case in which thousands of investors accused the bank of ignoring the scheme

JPMorgan will pay $218 million to resolve class-action litigation and $325 million to resolve claims brought by the trustee, Irving Picard, who has estimated that the Ponzi scheme -- the largest in history -- cost investors over $17 billion. To date, he has recovered more than $10 billion for victims, including the JPMorgan settlement.

“The amount of the accord indicated there was a value to the claims and the compromise made good sense,” David Sheehan, a lawyer for Picard, said in a statement. “There is no guarantee Picard will win at the Supreme Court.”

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Amanda Ciccatelli

Amanda G. Ciccatelli is a Contributing Writer for InsideCounsel, where she covers the patent litigation space. Amanda earned a B.A. in Communications and Journalism from...

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