JPMorgan Madoff Settlements Approved

Feb 5 2014 | 8:28am ET

JPMorgan Chase's settlements with Bernard Madoff's victims and the court-appointed trustee recovering money for them has been approved.

U.S. Bankruptcy Judge Stuart Bernstein signed off on the $543 million pact, part of the bank's $2.7 billion deferred-prosecution agreement with the U.S. Justice Department. The deal, struck last month, will see $325 million go to Irving Picard, the trustee, and $218 million to settle class-action lawsuits.

JPMorgan struck the agreement to avoid criminal prosecution for failing to notify U.S. authorities of its concerns about Madoff. The firm served as Madoff's primary banker for decades.

In Depth

The Importance of Stability in the Evolving Hedge Fund Administration Market

Oct 5 2015 | 8:17pm ET

Hedge fund administration has evolved from simple record keeping to an integral,...


Citadel's Griffin Reaches Settlement in Contentious Divorce

Oct 8 2015 | 10:14pm ET

Billionaire hedge fund manager Ken Griffin and his wife have settled a long-running...

Guest Contributor

Hedge Fund Marketing To Independent RIA Firms

Sep 30 2015 | 1:56pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth Inc. explains...


Editor's Note