Biggest US Bank to Pay Hefty Settlements Involving Madoff Fraud

The biggest U.S. bank, JPMorgan Chase, has agreed to pay $2.5 billion in fines to the government and settlements with victims of Bernard Madoff's massive Ponzi scheme, the largest ever in the United States. In a deal with the U.S. Justice Department, JPMorgan agreed to a $1.7 billion settlement of claims that it failed to adequately monitor Madoff's accounts at the bank that he used in carrying out the fraud that cost investors $17 billion. The government said it is the...

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