Wednesday, 1 June 2016
Last updated 3 hours ago
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.