© 2022 Kansas City Public Radio
NPR in Kansas City
Play Live Radio
Next Up:
Available On Air Stations

JP Morgan To Pay $2 Billion Settlement In Madoff Case

JP Morgan Chase is expected to reach a deal with federal authorities this week to pay about $2 billion in civil and criminal penalties to the government for its ties to Bernie Madoff.

The bank is suspected of ignoring signs of Madoff’s criminal financial scheme in order to win more commissions on services it provided.

With this payout, JP Morgan will have paid $20 billion to the government in the past year to resolve investigations.

The government reportedly plans to give some of the $2 billion settlement to investors affected by Madoff’s Ponzi scheme.


Copyright 2020 NPR. To see more, visit https://www.npr.org.

KCUR serves the Kansas City region with breaking news and powerful storytelling.
Your donation helps make non-profit journalism available for everyone.