JPMorgan To Pay Over $2.5 Billion In Madoff Fraud

JPMorgan To Pay Over $2.5 Billion In Madoff Fraud

NEW YORK (AP) - JPMorgan will pay more than $2.5 billion for missing obvious warning signs of Bernard Madoff's massive Ponzi scheme. Authorities said Tuesday that the nation's largest bank will forfeit $1.7 billion to settle criminal charges. It also will pay a $350 million civil settlement to the government.

The trustee recovering assets for Madoff investors also announced that the bank will pay $543 million to settle other claims brought on behalf of fraud victims. The bank says it doesn't believe employees knowingly assisted Madoff's Ponzi scheme. It also says it has taken steps to do better in the future. The 75-year-old Madoff is serving a 150-year prison sentence after pleading guilty. His fraud was exposed in December 2008.

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