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Post by bot on Jan 8, 2014 4:42:27 GMT -5
NEW YORK (MarketWatch) -- J.P. Morgan Chase & Co. will settle for approximately $2.6 billion on criminal and civil charges related to Bernie Madoff's Ponzi scheme, government authorities announced on Tuesday. Manhattan U.S. Attorney Preet Bharara announced criminal charges against the firm for two felony violations of the Bank Secrecy Act in connection with Bernard L. Madoff Investment Securities. As part of the deal, the firm will pay a settlement of $1.7 billion with a deferred prosecution agreement where J.P. Morgan acknowledged failures in its process to detect money laundering. In addition, the Office of the Comptroller of the Currency announced a $350 million penalty on civil charges against the firm for Bank Secrecy Act violations. As part of the settlement, the bank will pay the Madoff Trustee Irving Picard a total of $325 million and has agreed to pay class action plaintiffs $218 million. No individuals at the firm were charged with any wrongdoing. Madoff is serving 150 years in federal prison for bilking investors of more than $50 billion over several decades.
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