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

The bulk of the money is expected to go toward helping repay the thousands of ordinary investors, celebrities, charities and others burned by the fraud which is considered the largest in US history.

Mr Madoff was sentenced to 150 years in jail in 2009.