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JPMorgan to Pay $1.7 Billion to Madoff Victims, U.S. Says
JPMorgan Chase & Co. agreed to pay $1.7 billion to resolve U.S. claims that it played a role in facilitating Bernard Madoff’s Ponzi scheme, the government said, resolving yet another legal obstacle facing the bank. The biggest bank in the U.S. by assets entered into a deferred-prosecution agreement with the office of Preet Bharara, the U.S. attorney in Manhattan, and acknowledged lapses in oversight related to an account Madoff used to fund his multibillion-dollar fraud. Wall Street firms have spent years fighting claims by Madoff’s victims that the companies ignored wrongdoing to continue reaping fees. ... (full story)