JPMorgan Madoff Class-Action Settlement Approved

Mar 24 2014 | 1:03pm ET

A federal judge has signed off on another piece of JPMorgan Chase’s $2.7 billion Bernard Madoff settlement.

U.S. District Judge Colleen McMahon approved a $218 million deal to end class-action litigation against the bank, which served Madoff for decades. In January, another judge signed off on JPMorgan’s $1.7 billion settlement with federal prosecutors, in which the bank acknowledged wrongdoing.

McMahon said the class-action settlement “easily meets the standards” for approval. She also awarded the law firms that brought the cases $18 million in fees.


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