JPMorgan Chase agree $1.7bn pay-off for Madoff Ponzi victims

US banking giant JPMorgan Chase has agreed to pay $1.7bn to the victims of Bernard Madoff's Ponzi scheme under an agreement with prosecutors.

JPMorgan Chase agree $1.7bn pay-off for Madoff Ponzi victims
Tue, 07 Jan, 2014 - 15:07

US banking giant JPMorgan Chase has agreed to pay $1.7bn to the victims of Bernard Madoff's Ponzi scheme under an agreement with prosecutors.

JPMorgan admitted to charges that it failed to maintain an effective money-laundering program and did not file a suspicious activity report on Madoff.

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