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Post by bot on Dec 12, 2013 0:04:13 GMT -5
J.P. Morgan to be charged in Madoff case: report LOS ANGELES (MarketWatch) -- J.P. Morgan Chase & Co. is nearing a settlement with federal prosecutors for its role as primary bank to convicted fraudster Bernie Madoff, with the deal to include about $2 billion in penalties and a rare criminal action, the New York Times reported Wednesday. Under a deferred-prosecution agreement to resolve the criminal charge, J.P. Morgan would also have to acknowledge the facts of the government's case, the report said, citing unnamed sources briefed on the matter. The government would use "a sizable portion" of the settlement to compensate victims of Madoff's Ponzi scheme, the New York Times said.
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