JPMorgan Madoff Settlements Approved

Feb 5 2014 | 9:28am 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

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of